Final answer:
The value of the investment after 10 years, given an initial investment of $2300 with an annual interest rate of 5.2% compounded annually, is approximately $3768.24.
Step-by-step explanation:
To find the value of the investment after 10 years, we can use the formula for compound interest:
A = P(1+r/n)^(nt)
Where:
- A is the final amount
- P is the principal amount (initial investment)
- r is the annual interest rate (in decimal form)
- n is the number of times interest is compounded per year
- t is the time in years
Plugging in the values from the question, we have:
A = 2300(1+0.052/1)^(1*10)
A = 2300(1.052)^10
A = 2300(1.63862)
A ≈ $3768.24