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Stacy invested 3400 at 18% to be compounded annually. What will be the value of Stacy's investment in 4 years?

Solución

Stacy invested 3400 at 18% to be compounded annually. What will be the value of Stacy's investment in 4 years?

Solución

Amount : 6591.84

Pasos de solución

Translate the problem into an equation:

A = 3400 (1 + \frac{0.18}{1})^{1 \cdot 4}

3400 (1 + \frac{0.18}{1})^{1 \cdot 4} = 6591.844384

Round to the nearest hundredth:

6591.84

Amount : 6591.84

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