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:
9175.90
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