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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

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