Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.


the amount (a) that principal (p) will be worth after t years at interest rate (r) compounded annually is
a = p(1 + r)^t

suppose $6,000 is invested at 5.5% and yields a total of $7,255. how many was it invested

Sagot :

The number of years the money was invested with annual compounding is 3.45 years.

How many years was it invested?

When an amount earn interest compounded annually, it means that both the amount invested and the interest earned increases in value once a year.

Number of years =  (In FV / PV) / r

Where:

  • FV = future value
  • PV = present value
  • r = interest rate

(In 7255 / 6000) 0.055 = 3.45 years

To learn more about how to determine the number of years, please check: https://brainly.com/question/21841217

#SPJ1

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.