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lara [203]
3 years ago
8

How much would $200 invested at 7% interest compounded annually be worth after 5 years? Round your answer to the nearest cent. D

o not include units in your answer
Mathematics
2 answers:
stiv31 [10]3 years ago
7 0

Answer:

Compounded amount after 5 years (A) = $280.51

Step-by-step explanation:

Given: P = $200, r = 7% = 7/100 = 0.07, n = 5 years

Compounded amount after 5 years (A) = P(1 +r)^n

Now plug in the given values in the above formula, we get

A = 200(1 + 0.07)^5

A = 200*(1.07)^5

A = 200 *1.4025517307

A = $280.51

Compounded amount after 5 years (A) = $280.51

Hope this will helpful.

Thank you.

viktelen [127]3 years ago
6 0
The future worth (F) of the investment at present (P) with a compound interest i after n years is calculated through the equation,
                                      F = P x (1 + i)^n
Substituting the known values,
                                      F = ($200) x (1 + 0.07)^5 = $280.51
Thus, the future worth of the investment is approximately $280.51. 
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