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Popular Word Problems >

A principal of\$2500 is invested at 3.25% interest, compounded annually. How much will the investment be worth after 12 years?

Solution

A p r in c i p a l o f $2500 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 12 ye a rs ?

Solution

Amount : 3669.62

Solution steps

Translate the problem into an equation:

A = 2500 (1 + \frac{0.0325}{1})^{1 \cdot 12}

2500 (1 + \frac{0.0325}{1})^{1 \cdot 12} = 3669.61694 \dots

Round to the nearest hundredth:

3669.62

Amount : 3669.62

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