question 14 (3.3 points)\nthe amount of $1,950.00 is invested in a savings account. after 7 years the…

question 14 (3.3 points)\nthe amount of $1,950.00 is invested in a savings account. after 7 years the account has $2,162.16. find the return on investment for this account.\nuse this formula:\n$roi=\frac{fv - p}{p}\times100$\nround your answer to two decimal places.

question 14 (3.3 points)\nthe amount of $1,950.00 is invested in a savings account. after 7 years the account has $2,162.16. find the return on investment for this account.\nuse this formula:\n$roi=\frac{fv - p}{p}\times100$\nround your answer to two decimal places.

Answer

Explanation:

Step1: Identify values

Let $FV = 2162.16$ (future - value), $P=1950$ (principal).

Step2: Substitute values into formula

$ROI=\frac{2162.16 - 1950}{1950}\times100$ First, calculate the numerator: $2162.16−1950 = 212.16$. Then, $\frac{212.16}{1950}\times100$. $\frac{212.16}{1950}=0.1088$. $0.1088\times100 = 10.88$.

Answer:

$10.88$