Answer
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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 = 66,646.40Take the Quiz Switch to Chat Mode
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