Ask Question
4 November, 06:25

A principal of

$1600

is invested at

6%

interest, compounded annually. How much will the investment be worth after

7

years?

Use the calculator provided and round your answer to the nearest dollar.

+5
Answers (1)
  1. 4 November, 06:36
    0
    Principal = 1600

    annual interest = 6% / year

    period = 7 years

    Future value after 7 years

    = 1600 (1+0.06) ^7

    =1600 (1.06^7)

    =$2045.81

    =$2046 (to the nearest dollar)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “A principal of $1600 is invested at 6% interest, compounded annually. How much will the investment be worth after 7 years? Use the ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers