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Tyler sold his car for 35 600. He invested this amount at 7.2% pa with interest compounded annually. What is the value of his investment in 15 years?

Solución

Tyler sold his car for 35 600. He invested this amount at 7.2% pa with interest compounded annually. What is the value of his investment in 15 years?

Solución

Amount : 101011.72

Pasos de solución

Translate the problem into an equation:

A = 35600 (1 + \frac{0.072}{1})^{1 \cdot 15}

35600 (1 + \frac{0.072}{1})^{1 \cdot 15} = 101011.72281 \dots

Round to the nearest hundredth:

101011.72

Amount : 101011.72

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