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A principal of \$4200 is invested at 6.25% interest, compounded annually. How much will the investment be worth after 11 years?

Solution

A principal of $4200 is invested at 6.25% interest, compounded annually. How much will the investment be worth after 11 years?

Solution

Amount : 8182.15

Solution steps

Translate the problem into an equation:

A = 4200 (1 + \frac{0.0625}{1})^{1 \cdot 11}

4200 (1 + \frac{0.0625}{1})^{1 \cdot 11} = 8182.15337 \dots

Round to the nearest hundredth:

8182.15

Amount : 8182.15

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