SOLUTION: Use the compound interest formulas A = p( 1+r/n)^nt and A =pe^rt to Solve.
Find the accumulated value of an investment of $1130 at 8% compounded annually for 14 years.
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-> SOLUTION: Use the compound interest formulas A = p( 1+r/n)^nt and A =pe^rt to Solve.
Find the accumulated value of an investment of $1130 at 8% compounded annually for 14 years.
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Question 1088345: Use the compound interest formulas A = p( 1+r/n)^nt and A =pe^rt to Solve.
Find the accumulated value of an investment of $1130 at 8% compounded annually for 14 years. Answer by mathmate(429) (Show Source):
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Use the compound interest formulas A = p( 1+r/n)^nt and A =pe^rt to Solve.
Find the accumulated value of an investment of $1130 at 8% compounded annually for 14 years.
Solution:
The formulas are correct but not applicable to the present case.
We use
Future value with yearly investment A for n years at interest i
F=A/(i)
=1130/(.08)
=27362.86
