Answer
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A = 8,890.83
↓Steps Explained:↓
How much is 2900 worth after 13 years
using an annual interest rate of 9%
compounded annually?
Calculate Accumulated Balance
A = B(1 + i)n
where A = accumulated balance
B = opening balance
i = Annually interest rate
and n = number of periods
Plugging in our values
A = 8,890.83
A = 2900(1.09)13
A = 2900(3.0658046121434)
How much interest was earned?
Interest Earned = Accum. Value - Start Balance
Plug in our values
Interest Earned = 8,890.83 - 0.00
Interest Earned = 8,890.83
8890.83
Final Answer
A = 8,890.83Take the Quiz Switch to Chat Mode
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