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!

principal=$7,130

time=19 years

Rate=6%

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

A=P(1+r/n)nt

7130(1+0.06)19

=$21,572.52

find the difference to find the amount accumulated

21,572.52-7130

=14,442

THANK YOU FOR THE OPPORTUNITY

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