a principal of $3100 is invested at 6% interest, compounded annually. how much will the investment be worth…

Explanation:

Step1: Identify compound - interest formula

The compound - interest formula when compounded annually is $A = P(1 + r)^t$, where $A$ is the amount of money accumulated after $n$ years, including interest, $P$ is the principal amount (the initial amount of money), $r$ is the annual interest rate (in decimal form), and $t$ is the number of years the money is invested for.

Step2: Convert the interest rate to decimal

Given $r = 6%=0.06$, $P=$3100$, and $t = 14$ years.

Step3: Substitute values into the formula

$A=3100\times(1 + 0.06)^{14}$. First, calculate $(1 + 0.06)^{14}$. Using a calculator, $(1.06)^{14}\approx2.26090396$. Then, multiply by the principal: $A = 3100\times2.26090396\approx7008.80227$.

Step4: Round the answer

Rounding $7008.80227$ to the nearest dollar gives $7009$.

Answer:

$7009$