Question
What is k2,166.5 compounded annually at 12.25 percent.
In three years
In three years
Answers
GPT 3.5
Given:
Principal (P) = $2,166.50
Annual interest rate (r) = 12.25%
Time (t) = 3 years
Compound interest formula:
A = P(1 + r)^t
A = $2,166.50(1 + 0.1225)^3
A = $2,166.50(1.1225)^3
A = $2,166.50(1.389775)
A = $3,007.05
After 3 years, the principal amount of $2,166.50 compounded annually at 12.25% will grow to $3,007.05.
Principal (P) = $2,166.50
Annual interest rate (r) = 12.25%
Time (t) = 3 years
Compound interest formula:
A = P(1 + r)^t
A = $2,166.50(1 + 0.1225)^3
A = $2,166.50(1.1225)^3
A = $2,166.50(1.389775)
A = $3,007.05
After 3 years, the principal amount of $2,166.50 compounded annually at 12.25% will grow to $3,007.05.