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A principal of $2000 is invested at 6% Interest, compounded annually. How much will the investment be worth after 11 years round your answer to the nearest dollar.
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4 votes
A principal of $2000 is invested at 6% Interest, compounded annually. How much will the investment be worth after 11 years

round your answer to the nearest dollar.

User Redsandro
by
5.0k points

1 Answer

6 votes

Answer:

A=3797 dollars

Explanation:

A=P(1+r)^t t=time period, r is the rate, P is the principal

A=2000(1+0.06)^11

A=3797 dollars

User Ron Diel
by
4.3k points
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