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Use the compound interest formula to determine the accumulated balance after the stated period. ​$60006000 invested at an APR of 66​% for 33 years. If interest is compounded​ annually, what is the amount
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Use the compound interest formula to determine the accumulated balance after the stated period. ​$60006000 invested at an APR of 66​% for 33 years. If interest is compounded​ annually, what is the amount of money after 33 ​years?

User Bkcollection
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1 Answer

5 votes

Answer:

The final value of the investment after 3 years is $7,146.10

Step-by-step explanation:

Giving the following information:

Investment= $6,000

Interest rate= 6​% compounded annually

The number of years= 3 years.

To calculate the final value, we need to use the following formula:

FV= PV*(1+i)^n

FV= 6,000*(1.06^3)

FV= $7,146.10

The final value of the investment after 3 years is $7,146.10

User Bohdan Vorona
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