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Popular Word Problems >

Find the accumulated value of an investment of 2000 at 4% compounded annually for 14 years.

Solution

solve for

t h e a cc u m u l a t e d v a l u e o f an in v es t m e n t o f 2000 a t 4% co m p o u n d e d ann u a ll y f or 14 ye a rs .

Solution

Amount : 3463.35

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.04}{1})^{1 \cdot 14}

2000 (1 + \frac{0.04}{1})^{1 \cdot 14} = 3463.35289 \dots

Round to the nearest hundredth:

3463.35

Amount : 3463.35

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