Question

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Finding a final amount in a word problem on exponential growth or decay

A principal of $3300 is invested at 8% interest, compounded annually. How much will the investment be worth after 9 years?
Use the calculator provided and round your answer to the nearest dollar.

Answer 1

Step-by-step explanation:

Use the formula for compound interest

f/p: f =p(1+i)^n

p = 3300

i =8% = 0.08

n = 9 years

Answer 2

A = p(1+r)^t

A = 3300(1+0.08)⁹

A = 3300× 1.99

A= 6596.71 dollar ~ 6597 dollar.