Question

Your answer is incorrect.

A principal of $2900 is invested at 6.75% interest, compounded annually. How much will the investment be worth after 15 years?
Use the calculator provided and round your answer to the nearest dollar.

Answer 1

46436.25

Explanation:

first of all you have to multiply and change 6.75%,you have to change 6.75% into 106.75% because 100% is the original price and another 6.75% is being added up for a higher raise.

so the numbers would end up as 2900*106.75%=3095.75

so $3095.75 is the price invested at an interest per year

the question asks how much will the investment be worth after 15 years

so 3095.75*15=$46436.25 invested after 15 years.

hope this helps!!!.