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A principal of 3300 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 7 years?

Solution

A principal of 3300 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 7 years?

Solution

Amount : 5386.36

Solution steps

Translate the problem into an equation:

A = 3300 (1 + \frac{0.0725}{1})^{1 \cdot 7}

3300 (1 + \frac{0.0725}{1})^{1 \cdot 7} = 5386.35590 \dots

Round to the nearest hundredth:

5386.36

Amount : 5386.36

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