kpickett47 kpickett47
  • 21-10-2021
  • Mathematics
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A principal of $2200 is invested at 6.25% interest, compounded annually. How much will the investment be worth after 13 years

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kollieluther00 kollieluther00
  • 21-10-2021

Answer:

Let S = Sum after 13 years

So = amount invested

t = time in years

i = annual interest rate = .0325

The S = So(1+i)t = $2,200(1.0325)13 = $3,334.21

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ThomasBrennan1
ThomasBrennan1 ThomasBrennan1
  • 21-10-2021
The investment will be worth $4,838.37 after 13 years.
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