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Populaire Word Problems >

A principal of 3400 is invested at 8 percent interest , compounded annually . How much will the investment be worth after 12 years. Round to the nearest dollar

Solution

A p r in c i p a l o f 3400 i s in v es t e d a t 8 p erce n t 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 12 ye a rs . R o u n d t o t h e n e a res t d o ll a r

Solution

Amount : 8561.78

étapes des solutions

Translate the problem into an equation:

A = 3400 (1 + \frac{0.08}{1})^{1 \cdot 12}

3400 (1 + \frac{0.08}{1})^{1 \cdot 12} = 8561.77839 \dots

Arrondir à hundredth la plus proche:

8561.78

Amount : 8561.78

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