How much is 2900 worth after 13 years
using an annual interest rate of 9%
compounded annually?
A = B(1 + i)n
where A = accumulated balance
B = opening balance
i = Annually interest rate
and n = number of periods
A = 8,890.83
A = 2900(1.09)13
A = 2900(3.0658046121434)
Interest Earned = Accum. Value - Start Balance
Interest Earned = 8,890.83 - 0.00
Interest Earned = 8,890.83
8890.83