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Beliebt Word Problems >

3.Michael invests 440 for 8 years at a rate of 5.8%pa compounding annually. What is the total value of the investment?

Lösung

3. M i c ha e l in v es t s 440 f or 8 ye a rs a t a r a t e o f 5.8% p a co m p o u n d in g ann u a ll y . Wha t i s t h e t o t a l v a l u e o f t h e in v es t m e n t ?

Lösung

Amount : 690.78

Schritte zur Lösung

Translate the problem into an equation:

A = 440 (1 + \frac{0.058}{1})^{1 \cdot 8}

440 (1 + \frac{0.058}{1})^{1 \cdot 8} = 690.77723 \dots

Round to the nearest hundredth:

690.78

Amount : 690.78

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