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Beliebt Word Problems >

A principal of \$4200 is invested at 6.25% interest, compounded annually. How much will the investment be worth after 11 years?

Lösung

A p r in c i p a l o f $4200 i s in v es t e d a t 6.25% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll t h e in v es t m e n t b e w or t h a f t er 11 ye a rs ?

Lösung

Amount : 8182.15

Schritte zur Lösung

Translate the problem into an equation:

A = 4200 (1 + \frac{0.0625}{1})^{1 \cdot 11}

4200 (1 + \frac{0.0625}{1})^{1 \cdot 11} = 8182.15337 \dots

Round to the nearest hundredth:

8182.15

Amount : 8182.15

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