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A principal 4800 of is invested at 3.25% interest, compounded annually. How much will the investment be worth after 8 years?

Solution

A principal 4800 of is invested at 3.25% interest, compounded annually. How much will the investment be worth after 8 years?

Solution

Amount : 6199.57

Solution steps

Translate the problem into an equation:

A = 4800 (1 + \frac{0.0325}{1})^{1 \cdot 8}

4800 (1 + \frac{0.0325}{1})^{1 \cdot 8} = 6199.57216 \dots

Round to the nearest hundredth:

6199.57

Amount : 6199.57

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