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Popular Word Problems >

Stacy invested 3400 at 18% to be compounded annually. What will be the value of Stacy's investment in 4 years?

Solution

St a cy in v es t e d 3400 a t 18% t o b e co m p o u n d e d ann u a ll y . Wha t w i ll b e t h e v a l u e o f St a c y^{'} s in v es t m e n t in 4 ye a rs ?

Solution

Amount : 6591.84

Solution steps

Translate the problem into an equation:

A = 3400 (1 + \frac{0.18}{1})^{1 \cdot 4}

3400 (1 + \frac{0.18}{1})^{1 \cdot 4} = 6591.844384

Round to the nearest hundredth:

6591.84

Amount : 6591.84

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