alexisansley8807 alexisansley8807
  • 16-07-2017
  • Mathematics
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A principal of $2600 is invested at 7.5% interest, compounded annually. How much will the investment be worth after 8 years?

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zrh2sfo zrh2sfo
  • 16-07-2017
To add 7.5% to a number you simply multiply the number by 1.075. To compound that amount year after year, you raise 1.075 to an exponent that corresponds to the number of years.  2600*(1.075^8)=4637.04234646
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