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Popular Word Problems >

A principal of 2100 is invested at 4% interest, compounded annually. How much will the investment be worth after 8 years? Use the calculator provided and round your answer to the nearest dollar.

Solução

A p r in c i p a l o f 2100 i s in v es t e d a t 4% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll t h e in v es t m e n t b e w or t h a f t er 8 ye a rs ? U se t h e c a l c u l a t or p ro v i d e d an d ro u n d yo u r an s w er t o t h e n e a res t d o ll a r .

Solução

Amount : 2874

Passos da solução

Translate the problem into an equation:

A = 2100 (1 + \frac{0.04}{1})^{1 \cdot 8}

2100 (1 + \frac{0.04}{1})^{1 \cdot 8} = 2873.99500 \dots

Round to the nearest hundredth:

2874

Amount : 2874

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