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Popular Word Problems >

principal of 4600 is invested at 4.5%, interest compounded annually. How much will the investment be worth after 6 years?Use the calculator provided and round your answer to the nearest dollar.

Solution

p r in c i p a l o f 4600 i s in v es t e d a t 4.5%, 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 6 ye a rs ? U se t h e c a l c u l a t or p ro v i d e d an d ro u n d yo u r an s w er t o t h e n e a res t d o ll a r .

Solution

Amount : 5990.4

Solution steps

Translate the problem into an equation:

A = 4600 (1 + \frac{0.045}{1})^{1 \cdot 6}

4600 (1 + \frac{0.045}{1})^{1 \cdot 6} = 5990.39657 \dots

Round to the nearest hundredth:

5990.4

Amount : 5990.4

Popular Examples

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