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Populaire Word Problems >

A principal of 2600 is invested at 6% interest, compounded annually. How much will the investment be worth after 14 years?

Solution

A p r in c i p a l o f 2600 i s in v es t e d a t 6% 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 14 ye a rs ?

Solution

Amount : 5878.35

étapes des solutions

Translate the problem into an equation:

A = 2600 (1 + \frac{0.06}{1})^{1 \cdot 14}

2600 (1 + \frac{0.06}{1})^{1 \cdot 14} = 5878.35028 \dots

Arrondir à hundredth la plus proche:

5878.35

Amount : 5878.35

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