ivyyyyy1 ivyyyyy1

08-06-2018
Mathematics

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A principal of $3500 is invested at 3.75% interest, compounded annually. How much will the investment be worth after 12 years? Round to the nearest dollar

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altavistard altavistard

08-06-2018

Use the compound amount formula:

A = P*(1+r/n)^(nt)

Here,

A = $3500*(1+0.0375/12)^(12*12) = $5485.24

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