To what amount will the following investment accumulate?
$7,130 invested today for 19 years at 6%, compounded annually. Which formula would I work this with? I'm confused.
Thank you for the opportunity to help you with your question!
Using the compound interest formula, we have thatP = 7130, r = 46/100 = 0.06, , t = 19. Therefore, n=1.
n means the number of times which is compounded
find the difference to find the amount accumulated
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