Question

$21,000 at 13.6% compounded annually for 4 years.

Answer 1

Answer

$34,972.98

Explanation:

The amount after 4 years can be calculated as:

$A=P(1+r)^n$

Where P is the initial investment, r is the interest rate and n is the number of years. So, replacing P = $21,000, r = 13.6% = 0.136 and n = 4, we get:

$\begin{gathered} A=21,000(1+0.136)^4 \\ A=34,972.98 \end{gathered}$

Therefore, the answer is $34,972.98