Ask Question
7 July, 21:23

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.

+3
Answers (1)
  1. 7 July, 22:28
    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 you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers