SOLUTION: A principal of $4100 is invested at 8.25% interest, compounded annually. How much will the investment be worth after 7 years?
Round to the nearest dollar.
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-> SOLUTION: A principal of $4100 is invested at 8.25% interest, compounded annually. How much will the investment be worth after 7 years?
Round to the nearest dollar.
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Question 1030469: A principal of $4100 is invested at 8.25% interest, compounded annually. How much will the investment be worth after 7 years?
Round to the nearest dollar. Answer by Cromlix(4381) (Show Source):
You can put this solution on YOUR website! Hi there,
100% + 8.25% = 108.25%
108.25% = 108.25/100 = 1.0825 (factor)
$4,100 x 1.0825^7 = $7,141
Hope this helps :-)
