A principal of $4600 is invested at 7.5% 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.

Question

A principal of $4600 is invested at 7.5%  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.

chazz5 · Answer

@aeon

Luigi0210 · Answer

Do you at least know the formula you're going to use?

chazz5 · Answer

yeah the Exponential growth

Luigi0210 · Answer

Exponential growth? Are you sure it's not the Compound Interest formula?

chazz5 · Answer

yeah you right

chazz5 · Answer

you got a answer?

Luigi0210 · Answer

We will define the formula as such: 
$$\Large A= P(1+\frac{r}{n} )^{nt} $$
Where P is the principle amount, r is the interest rate, n is the number of times interest is applied, and t is the time. 
just plug in the information: 
$$\Large A = 4600(1+ \frac{0.075}{1} ) ^{1*14} $$

So just plug this into a calculator: 
$$\Large A = 4600(1+0.075)^{14} $$

digitalprincess · Answer

A = 3400(1 + 0.055)11 Can you calculate and answer?