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Find the accumulated value of an investment of 1020 at 6% compounded annually for 19 years.

Solution

Find the accumulated value of an investment of 1020 at 6% compounded annually for 19 years.

Solution

Amount : 3086.11

Solution steps

Translate the problem into an equation:

A = 1020 (1 + \frac{0.06}{1})^{1 \cdot 19}

1020 (1 + \frac{0.06}{1})^{1 \cdot 19} = 3086.11149 \dots

Round to the nearest hundredth:

3086.11

Amount : 3086.11

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