3 years ago

A principal of $3700 is invested at 4.75% interest, compounded annually. How much will the investment be worth after 9 years?

1 answer:

7 0

Amount = 3,700 * (1.0475)^9
Amount = 3,700 * 1.5184003135 
Amount = 5,618.08

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Answer:

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Step-by-step explanation:

Based on the given conditions, formulate: $\frac{1160}{0.8}$

Convert decimal to fraction: $\dfrac{1160} {\dfrac{8}{10}}$

Divide a fraction by multiplying its reciprocal: $1160 \times \dfrac{10}{8}$

Cross out the common factor: $145 \times 10$

Calculate the product or quotient: $1450$

get the result: $1450$

Answer: $1450$

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