Question

A principal of $3600 is invested at 3.5% interest, compounded annually. How much will the investment be worth after 12 years? Use the calculator provided and round your answer to the nearest dollar. X S​

Answer 1

$5043

Explanation:

To find the value of the investment after 12 years, you can use the following formula:

A = P * (1 + r/n)^(nt)

Where:

A = final amount

P = principal

r = interest rate

n = number of times the interest is compounded per year

t = number of years

Plugging in the values from the problem, we get:

A = 3600 * (1 + 3.5/100)^(1*12)

Solving this equation, we get:

A = $5043.33

So, after 12 years, the investment will be worth $5043.33.