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

Solution

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

Solution

Amount : 12151.23

Solution steps

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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