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Popular Word Problems >

invest 2500 at 7% per annum compoounded annually. Find the value of the investment after 5 years

Solution

in v es t 2500 a t 7% p er ann u m co m p oo u n d e d ann u a ll y . F in d t h e v a l u e o f t h e in v es t m e n t a f t er 5 ye a rs

Solution

Amount : 3506.38

Solution steps

Translate the problem into an equation:

A = 2500 (1 + \frac{0.07}{1})^{1 \cdot 5}

2500 (1 + \frac{0.07}{1})^{1 \cdot 5} = 3506.37932 \dots

Round to the nearest hundredth:

3506.38

Amount : 3506.38

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