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Art [367]
3 years ago
5

John wants to invest P dollars at a 4% interest rate. After 5 years the investment will be worth 2000 dollars. How much will it

be worth in 11 years?
Mathematics
1 answer:
Lunna [17]3 years ago
5 0

Answer:

About $2530.63

Step-by-step explanation:

The formula for this kind of calculation is A=P(1+\frac{r}{n})^{nt}, where P is the initial investment, r is the interest rate, n is the number of times you compound your investment per year, and t is the number of years. Assuming that you compound yearly, plugging in the numbers that you have given, you are left with:

2000=P(1+\frac{0.04}{1})^{t}

2000=P\cdot (1.04)^5\\P\approx 1643.85\\A=1643.85 \cdot  (1.04)^{11}\approx $2530.63

Hope this helps!

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