A principal of $2600 is invested at 7% interest, compounded annually. How much will the investment be worth after 13 years? Use the calculator provided and round your answer to the nearest dollar.

The total amount accrued, principal plus interest,  from compound interest on an original principal of  $ 2600 at a rate of 7% per year  compounded 1 time per year  over 13 years is $ 6266.

Step-by-step explanation:

Given

Principle P =  $2600

Interest rate r = 7% = 0.07

Time period t = 13 years

Compounded annually means: n = 1

To determine

Accrued Amount = ?

Using the formula

substituting P = 2600, r = 0.07, t = 13, n = 1

$

Therefore, the total amount accrued, principal plus interest,  from compound interest on an original principal of  $ 2600 at a rate of 7% per year  compounded 1 time per year  over 13 years is $ 6266.

step-by-step explanation:

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