A principal of $2000 is invested at 7% interest, compounded annually. How much will the investment be worth after 10 years? Use
the calculator provided and round your answer to the nearest dollar.
1 answer:
Answer:
$4,027.51
Step-by-step explanation:
Use the formula P*e^(r * t)
P = principal amount
e = the constant e
r = rate
t = time, in years
2,000 * e ^ (0.07 * 10)
2,000 * e ^ (0.7) ≈ 4,027.51
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