Answer:
$3098.93
Step-by-step explanation:
We can use the formula for compound growth to solve this. The formula is:
[tex]F=P(1+r)^t[/tex]
Where
F is the future value (the value at end of 14 years, our answer)
P is the initial amount invested ($1250)
r is the interest rate, in decimal (6.7% is 0.067)
t is the time in years (14, in our case)
Plugging in all the information we have:
[tex]F=P(1+r)^t\\F=1250(1+0.067)^14\\F=1250(1.067)^14\\F=3098.93[/tex]
The account will accrue $3098.93 after 14 years.
