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Solve the compound interest problems and round your answer to the nearest 100th.

1) Find the final amount for a $1000 investment at 6% interest compounded annually for 20 years.

Respuesta :

Answer:

$3207.14.

Step-by-step explanation:

The formula for compound interest is

A = P(1 + r/100)^t   where A is the amount after t years, P = Initial investment,

r = interest rate and t = time.

So hear A = 1000(1 + 6/100)^20

= 1000 * 1.06^20

= $3207.14.

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