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Calculate the compound interest (C.I.) for the following:

Principal = 13,940
Annual interest rate = 7%
Time = 3.5 years

Answer :

Final answer:

The compound interest is calculated using the formula Principal * ((1 + interest rate)^(time duration)). Substitute in the given values and subtract the original principal from the resulting future value to calculate the compound interest.

Explanation:

The subject of this question is Compound Interest (C.I). The compound interest is an interest calculation that includes both the principal and the accumulated interest. Given the principal of $13940, interest rate of 7% (expressed as a decimal 0.07), and time duration of 3.5 years, the formula to calculate the compound interest is: Principal * ((1 + interest rate)^(time duration)) Substituting the given values, you calculate: 13940 * ((1 + 0.07)^3.5). The result of this calculation will give you the future value of your investment. To find the compound interest, you subtract the original principal from the calculated future value. This will give you the compound interest accrued over 3.5 years.

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