## Question

###### A $7114 22 investment matures in 6 years, 4 months. Find the maturity value if interest...

A $7114 22 investment matures in 6 years, 4 months. Find the maturity value if interest is 4.1% per annum compounded annually The maturity value is s (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal nlaces as needed

## Answers

Compound Interest Formula:

where

A = Maturity Value (to be found)

P = Invesment = 7114.22

r = Interest Rate = 0.041

n = Number of times interest is applied per year = 1

t = number of years = 6.333333

Substituting, we get:

= 9175.90

So,

Answer is:

9175.90We were unable to transcribe this imageWe were unable to transcribe this image= 7114.22 x 1.0416.333335We were unable to transcribe this image

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