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Beliebt Word Problems >

James invested 3000 at 17% to be compounded quarterly. What will be the value of James's investment in 5 years? Round your answer to the nearest cent.

Lösung

J am es in v es t e d 3000 a t 17% t o b e co m p o u n d e d q u a r t er l y . Wha t w i ll b e t h e v a l u e o f J am e s^{'} s in v es t m e n t in 5 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Lösung

Amount : 6896.72

Schritte zur Lösung

Translate the problem into an equation:

A = 3000 (1 + \frac{0.17}{4})^{4 \cdot 5}

3000 (1 + \frac{0.17}{4})^{4 \cdot 5} = 6896.71893 \dots

Round to the nearest hundredth:

6896.72

Amount : 6896.72

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