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Ierofanga [76]
4 years ago
6

Using the formula A=P(1+r)^t calculate the value of an initial investment of $4,500 after 10 years at 4% interest.

Mathematics
1 answer:
meriva4 years ago
5 0

The solution is \$ 6661

Explanation:

The initial investment is $4500

The time taken is 10 years.

The rate of interest is 4%

We shall determine the value of A using the formula A=P(1+r)^t

where P is the initial investment,

r is the rate of interest and

t is time

Let us substitute the values P=4500 , t=10 and r=4 \% in the formula A=P(1+r)^t

Thus, we have,

A=4500(1+0.04)^{10}

Adding the values within the bracket, we have,

A=4500(1.04)^{10}

Simplifying, we get,

A=4500(1.4802)

Multiplying, we have,

A=6661

Thus, the value is $6661

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