Question

A principal of $2000 is invested at 6% Interest, compounded annually. How much will the investment be worth after 11 years

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

Answer 1

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

Answer 2

Answer: $3,797

Explanation:

Because it is a 6% interest, the value increases by 1.06x each time. Because it changes 11 times, simply do

2000*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06*1.06 to get 3796.59712

Hope it helps <3