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Beliebt Word Problems >

A principal of 4400 is invested at 8.75% interest, compounded annually. How much will the investment be worth after 14 years?

Lösung

A p r in c i p a l o f 4400 i s in v es t e d a t 8.75% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll t h e in v es t m e n t b e w or t h a f t er 14 ye a rs ?

Lösung

Amount : 14238.44

Schritte zur Lösung

Translate the problem into an equation:

A = 4400 (1 + \frac{0.0875}{1})^{1 \cdot 14}

4400 (1 + \frac{0.0875}{1})^{1 \cdot 14} = 14238.43953 \dots

Round to the nearest hundredth:

14238.44

Amount : 14238.44

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