Problema Solution
principal of
$2900
is invested at
8.75%
interest, compounded annually. How much will the investment be worth after
9
years?
Answer provided by our tutors
P = $2,900 the principle
i = 8.25% or 0.0825
t = 9 years
A = the future value
A = P(1 + i)^t
A = 2900(1 + 0.0825)^9
........
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........
A = $5,919.01
After 9 years the investment will be $5,919.01 worth.