SOLUTION: A principal of $4800 is invested at 4.5% interest, compounded annually. How much will the investment be worth after 7 years? Round to nearest dollar. Please help

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Question 1182017: A principal of $4800 is invested at 4.5% interest, compounded annually. How much will the investment be worth after 7 years?
Round to nearest dollar.
Please help
Answer by ikleyn(52776) About Me  (Show Source):
You can put this solution on YOUR website!
.

The future value in 7 years will be


    4800%2A%281%2B0.045%29%5E7 = 4800%2A1.045%5E7 = 6532.14  dollars.    ANSWER

Solved.

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    - Compounded interest percentage problems
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