<-- Start Balance
<-- # of periods
<-- Interest rate
              

Answer
Success!
A = 66,646.40

↓Steps Explained:↓

How much is 7100 worth after 30 years

using an annual interest rate of 7.75%
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 = 66,646.40

A = 7100(1.0775)30

A = 7100(9.3868172980736)

How much interest was earned?

Interest Earned = Accum. Value - Start Balance

Plug in our values

Interest Earned = 66,646.40 - 0.00

Interest Earned = 66,646.40

66646.4

Final Answer

A = 66,646.40

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