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Popular Word Problems >

A principal of 2600 is invested at 6% interest, compounded annually. How much will the investment be worth after 14 years?

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Solution

Aprincipalof2600isinvestedat6%interest,compoundedannually.Howmuchwilltheinvestmentbeworthafter14years?

Solution

Amount:5878.35
Solution steps
Translate the problem into an equation:A=2600(1+10.06​)1⋅14
2600(1+10.06​)1⋅14=5878.35028…
Round to the nearest hundredth:5878.35
Amount:5878.35

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