Ask Question
23 December, 19:33

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.

+2
Answers (1)
  1. 23 December, 20:13
    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?
Get 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 there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers