Question

PLEASE HELP! Find the accumulated value of an investment of $17,000 at 6% compounded annually for 13 years. (Please show work tho)

Answer 1

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Answer:

$36,259.78

Explanation:

The formula for compound interest is ...

A = P(1 +r/n)^(nt)

where principal P is invested at annual rate r for t years compounded n times per year.

Here, you have P = 17000, r = 0.06, n = 1, t = 13.

A = 17000(1 +0.06)^13 = 17000(2.13292826) = 36,259.78

The accumulated value after 13 years is $36,259.78.