A principal of $2000 is invested at 7.75% interest, compounded annually. How much will the investment be worth after 14 years? Use the calculator provided and round your answer to the nearest dollar.

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Benoit Larochelle asked Apr 1, 2023

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A principal of $2000 is invested at 7.75% interest, compounded annually. How much will the investment be worth after 14 years?

Use the calculator provided and round your answer to the nearest dollar.

Mathematics
college

Benoit Larochelle asked Apr 1, 2023

by Benoit Larochelle

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Answer:

Yearly compounding: 7.75% $5,686.85

Quarterly compounding: 7.978% $5,857.78

Monthly compounding: 8.031% $5,898.27

Daily compounding: 8.057% $5,918.20

Explanation:

multiply yearly by 14

Stein answered Apr 8, 2023

by Stein

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