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07-12-2019
Mathematics

contestada

A principal of $3800 is invested at 6.75% interest, compound annually. How much will the investment worth after 9 years?

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akiran007 akiran007

07-12-2019

Answer:

$6840.60

Step-by-step explanation:

formula od compound interest A= P (1 =r/n)ⁿ⁹

where n=1 when it is compunded annually and t= 9 years

A= 3800(1+6.75/100)⁹

A= 3800 ( 1+0.0675)⁹

A= 3800(1.0675)⁹

A=3800(1.800)

A= 6,840.60 $

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