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Popular Word Problems >

A principal 4800 of is invested at 3.25% interest, compounded annually. How much will the investment be worth after 8 years?

Solution

A p r in c i p a l 4800 o f i s in v es t e d a t 3.25% 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 8 ye a rs ?

Solution

Amount : 6199.57

Solution steps

Translate the problem into an equation:

A = 4800 (1 + \frac{0.0325}{1})^{1 \cdot 8}

4800 (1 + \frac{0.0325}{1})^{1 \cdot 8} = 6199.57216 \dots

Round to the nearest hundredth:

6199.57

Amount : 6199.57

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