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3.Michael invests 440 for 8 years at a rate of 5.8%pa compounding annually. What is the total value of the investment?

Solution

3.Michael invests 440 for 8 years at a rate of 5.8%pa compounding annually. What is the total value of the investment?

Solution

Amount : 690.78

Solution steps

Translate the problem into an equation:

A = 440 (1 + \frac{0.058}{1})^{1 \cdot 8}

440 (1 + \frac{0.058}{1})^{1 \cdot 8} = 690.77723 \dots

Round to the nearest hundredth:

690.78

Amount : 690.78

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