WolferiTiffa6nie4c WolferiTiffa6nie4c

09-05-2017
Mathematics

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A principal of $1500 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 14 years?

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eggyolkk eggyolkk

12-05-2017

Using formula: P*[1+(r/100)]^t
where:
P = $1500
t = 14
r = 7.25%

Gives you: $3996.257562
> $3996.26 (nearest cent)

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