A principal of $3000 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 10 years? Use the calculator provided and round your answer to the nearest dollar.

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asked Feb 5, 2023 129k views

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A principal of $3000 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 10 years?

Use the calculator provided and round your answer to the nearest dollar.

Mathematics
high-school

David Marx asked

by David Marx

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1 Answer

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Answer:

$6,232.89 or $6,232.90

Explanation:

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

A= 3000(1+(.075/12))^12*10

A= 3,232.89

3,232.89+3000= 6,232.89

Jmend answered Feb 9, 2023

by Jmend

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