A principal of
$1600
is invested at
6%
interest, compounded annually. How much will the investment be worth after
7
years?
Use the calculator provided and round your answer to the nearest dollar.
Principal = 1600 annual interest = 6% / year period = 7 years Future value after 7 years = 1600(1+0.06)^7 =1600(1.06^7) =$2045.81 =$2046 (to the nearest dollar)
