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Popular Word Problems >

A principal of 2900 is invested at 7% interest, compounded annually. How much will the investment be worth after 13 years?

Solution

A p r in c i p a l o f 2900 i s in v es t e d a t 7% 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 13 ye a rs ?

Solution

Amount : 6988.55

Solution steps

Translate the problem into an equation:

A = 2900 (1 + \frac{0.07}{1})^{1 \cdot 13}

2900 (1 + \frac{0.07}{1})^{1 \cdot 13} = 6988.55050 \dots

Round to the nearest hundredth:

6988.55

Amount : 6988.55

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