Answer:
$ 20,043.46
Step-by-step explanation:
Answer:
A = $ 20,043.46
A = P + I where
P (principal) = $ 8,300.00
I (interest) = $ 11,743.46
Calculation Steps:
First, convert R percent to r a decimal
r = R/100
r = 6.5%/100
r = 0.065 per year,
Then, solve our equation for A
A = P(1 + r/n)nt
A = 8,300.00(1 + 0.065/1)(1)(14)
A = $ 20,043.46
Summary:
The total amount accrued, principal plus interest,
from compound interest on an original principal of
$ 8,300.00 at a rate of 6.5% per year
compounded 1 times per year
over 14 years is $ 20,043.46.
