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Popular Word Problems >

Determine the future value if 750 is invested at 7.25% for 4 years compounded annually Determine the amount of interest above.

Solution

De t er min e t h e f u t u re v a l u e i f 750 i s in v es t e d a t 7.25% f or 4 ye a rs co m p o u n d e d ann u a ll y De t er min e t h e am o u n t o f in t eres t ab o v e .

Solution

Amount : 992.32

Solution steps

Translate the problem into an equation:

A = 750 (1 + \frac{0.0725}{1})^{1 \cdot 4}

750 (1 + \frac{0.0725}{1})^{1 \cdot 4} = 992.31708 \dots

Round to the nearest hundredth:

992.32

Amount : 992.32

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