19.0k views
1 vote
How much is 170 compounded for 14 years at 6 percent.

User Edthix
by
7.7k points

1 Answer

5 votes


~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$170\\ r=rate\to 6\%\to (6)/(100)\dotfill &0.06\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &14 \end{cases} \\\\\\ A=170\left(1+(0.06)/(1)\right)^(1\cdot 14)\implies A=170(1.06)^(14)\implies A\approx 384.35

User Daniel Granger
by
8.2k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories