Question

A person invest $8800 in an account at 7% interest compounded annually. When will the value of the investment be 13,200? (Type an integer or decimal rounded two decimal places as needed)

Answer 1

21.43

Explanation:

Turn 7 percent to a decimal: 0.07

8800 × 0.07 = 616

13,200÷616=21.4285 etc

Round two decimal places

21.43