janettr832 janettr832

24-04-2021
Mathematics

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If $1,000 is invested at 16% interest, compounded annually,
for five years, what is the ending balance?

Respuesta :

AninaBeana AninaBeana

24-04-2021

Answer:

equation; P=A(1+r/n)^nt

P=principal amount

A=value of investment

r= interest rate in decimals

n=number of times compounded

t=time in years

P=1000(1+0.16/12)^12(5)= $2213.8 rounded

Step-by-step explanation:

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