A principal of $3400 is invested at 7.75% interest, compounded annually. How much will the investment be worth after 15 years? Use the calculator provided and round your answer to the nearest dollar.
A = $ value after 15 years P = principal (initial deposit) r = annual % rate n = # of times interest compounds per year t = # of years the money is invested
Formula: A = P (1 + r/n)^(nt)
A= $3400(1+ 0.0775/1) ^(1*15) A= 3400(1.0775)^15 A= 3400(3.0637913274) A= $10,417 investment after 15 years
