https://file.aiquickdraw.com/mathbot/file/1726773080044rfgv7skm.jpg

To solve this problem, we need to calculate the future value of a 7-year investment of $2200 at a simple annual interest rate of 4.69%.

The formula for calculating future value with simple interest is:

\[
FV = P(1 + rt)
\]

Where:
- $ P $ is the principal amount (2200),
- $ r $ is the annual interest rate (4.69% or 0.0469 as a decimal),
- $ t $ is the time in years (7 years).

Let me calculate the future value using these parameters.The future value of a 7-year investment of 2200 at a simple annual interest rate of 4.69% is 2922.26, rounded to the nearest cent.

Would you like more details or have any questions?

Here are 5 related questions to consider:
1. How does the formula for compound interest differ from simple interest?
2. What would the future value be if the interest rate were higher?
3. How would the result change if the investment period were 10 years instead of 7?
4. What is the total interest earned over the 7 years?
5. How is the formula for continuous interest different from simple interest?

**Tip:** Always double-check whether the interest rate is given as simple or compounded, as it affects the final calculation.

Find the future value of a 7-year investment of $2200 at a simple annual rate of 4.69%. State your answer in terms of dollars rounded to the nearest cent, but do not include a $ sign or the word 'dollars' with your response.

Learn how to calculate the future value of a 7-year investment of $2200 at a simple annual interest rate of 4.69%. This example demonstrates the simple interest formula, which is useful for financial mathematics. Suitable for Grades 9-12 students.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation