A principal of 2100 is invested at 8% interest, compounded annually. How much will the investment be worth after 6 years?Use the calculator provided and round your answer to the nearest dollar.

Solución

Solución

Amount : 3332.44

Pasos de solución

Translate the problem into an equation:

A = 2100 (1 + \frac{0.08}{1})^{1 \cdot 6}

2100 (1 + \frac{0.08}{1})^{1 \cdot 6} = 3332.43607 \dots

Round to the nearest hundredth:

3332.44

Amount : 3332.44

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