Issa H. answered • 07/24/17
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Destiny C.
asked • 10/12/16Determine the amount of an investment if $400 is invested at an annual interest rate of 7.25% for 7 years. Round to the nearest penny.
F(x)=a(1+/-R)^t
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2 Answers By Expert Tutors
Michael J. answered • 10/12/16
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Your formula should be
F(x) = a(1 + R)t since the amount is increasing over time.
a = 400
R = 0.0725
t = 7
Plug in those values into the formula to solve for F(x).
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