How much is 7100 worth after 30 years
using an annual interest rate of 7.75%
compounded annually?
A = B(1 + i)n
where A = accumulated balance
B = opening balance
i = Annually interest rate
and n = number of periods
A = 66,646.40
A = 7100(1.0775)30
A = 7100(9.3868172980736)
Interest Earned = Accum. Value - Start Balance
Interest Earned = 66,646.40 - 0.00
Interest Earned = 66,646.40
66646.4