Question

A principal of $2600is invested at 6.75% interest, compounded annually. How much will the investment be worth after 14 years

Answer 1

$6488.19

Explanation:

To solve this problem we use the compounded interest formula:

`amount = principal(1 + (r \\))^({n}{t})`

a = $2600(1+(0.0675/1))¹*¹⁴

a = $6488.19