Question

A principal of $3300 is invested at 6.5%
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.

Answer 1

do you know the formula ?

Answer 2

no i need help setting it up @Nnesha

Answer 3

do i plug it in @RagingSquirrel

Answer 4

Oh. r= annual interest rate

Answer 5

Yes. Do you need help plugging the numbers in?

Answer 6

yes it would be really helpful @RagingSquirrel

Answer 7

I = Prt is simple interest. But you want compound interest

Answer 8

alright the formula is \[\large\rm A=P(1+ \frac{ r }{ n })^t\]
p=principal (initial amount )
r=annual rate (we need in decimal so r/100)
t= number of years
A= amount after t years

Answer 9

compounded annually so n would be one

Answer 10

i dont knw how to plug the numbers in @phi @Nnesha

Answer 11

P = what in ur question
r= what ? divide by 100 bec we need in decimal
t = number of years

Answer 12

p=3300
r=6.5?
t=14

Answer 13

Convert 6.5% to a decimal. To do that, just move the decimal point two places. 0.065

Answer 14

right but r = 6.5 percent so we need to divide it by 100
and n =1 so plugin

Answer 15

ok so what do I put for the t outside the parenthesis @Nnesha @RagingSquirrel

Answer 16

the 14 @Nnesha

Answer 17

\[\large\rm A=P(1+ \frac{ r }{ n })^t\]
p= 3300
t= 14
n=1
solve for A

Answer 18

yes right

Answer 19

ok im solving it now giv me a sec @Nnesha

Answer 20

sure take ur time!

Answer 21

A= 7969.08 @Nnesha

Answer 22

is that correct @Nnesha

Answer 23

yes right looks right `round your answer nearest dollar`

Answer 24

thank you so much!!!!!! @Nnesha

Answer 25

np don't forget to round it!!