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2 years ago

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A principal of $2600 is invested at 7.5% interest, compounded annually. How much will the investment be worth after 8 years?

1 answer:

almond37 [142]2 years ago

3 0

To add 7.5% to a number you simply multiply the number by 1.075. To compound that amount year after year, you raise 1.075 to an exponent that corresponds to the number of years. 2600*(1.075^8)=<span>4637.04234646</span>

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kodGreya [7K]

Answer:

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Step-by-step explanation:

We will use the compound interest formula provided to solve this problem:

$A=P(1+\frac{r}{n} )^{nt}$

<em>P = initial balance</em>

<em>r = interest rate (decimal)</em>

<em>n = number of times compounded annually</em>

<em>t = time</em>

<em />

First, change 1% into a decimal:

1% -> $\frac{1}{100}$ -> 0.01

Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:

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Lastly, subtract <em>A </em>from the principal to get the interest earned:

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