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Popular Word Problems >

A principal of 3700 dollars is invested at 8.25% interest, compounded annual. How much will the investment be worth after 15 years?

Solução

A p r in c i p a l o f 3700 d o ll a rs i s in v es t e d a t 8.25% in t eres t, co m p o u n d e d ann u a l . 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 15 ye a rs ?

Solução

Amount : 12151.23

Passos da solução

Translate the problem into an equation:

A = 3700 (1 + \frac{0.0825}{1})^{1 \cdot 15}

3700 (1 + \frac{0.0825}{1})^{1 \cdot 15} = 12151.23162 \dots

Round to the nearest hundredth:

12151.23

Amount : 12151.23

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