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principal of 4600 is invested at 4.5%, interest compounded annually. How much will the investment be worth after 6 years?Use the calculator provided and round your answer to the nearest dollar.

Solution

Solution

Amount : 5990.4

Solution steps

Translate the problem into an equation:

A = 4600 (1 + \frac{0.045}{1})^{1 \cdot 6}

4600 (1 + \frac{0.045}{1})^{1 \cdot 6} = 5990.39657 \dots

Round to the nearest hundredth:

5990.4

Amount : 5990.4

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