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10 July, 23:22

Use the compound interest formula to determine the accumulated balance after the stated period. $60006000 invested at an APR of 66 % for 33 years. If interest is compounded annually, what is the amount of money after 33 years?

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  1. 10 July, 23:31
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    The final value of the investment after 3 years is $7,146.10

    Explanation:

    Giving the following information:

    Investment = $6,000

    Interest rate = 6 % compounded annually

    The number of years = 3 years.

    To calculate the final value, we need to use the following formula:

    FV = PV * (1+i) ^n

    FV = 6,000 * (1.06^3)

    FV = $7,146.10

    The final value of the investment after 3 years is $7,146.10
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Home » Business » Use the compound interest formula to determine the accumulated balance after the stated period. $60006000 invested at an APR of 66 % for 33 years. If interest is compounded annually, what is the amount of money after 33 years?
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