en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

invest 2500 at 7% per annum compoounded annually. Find the value of the investment after 5 years

Solution

invest 2500 at 7% per annum compoounded annually. Find the value of the investment after 5 years

Solution

Amount : 3506.38

Solution steps

Translate the problem into an equation:

A = 2500 (1 + \frac{0.07}{1})^{1 \cdot 5}

2500 (1 + \frac{0.07}{1})^{1 \cdot 5} = 3506.37932 \dots

Round to the nearest hundredth:

3506.38

Amount : 3506.38

Popular Examples

Brenda deposited 2,059 in an account earning 1% interest compounded annually.To the nearest cent, how much will she have in 1 year?A loan of 43,000 is made at 5.25% interest, compounded annually. After how many years will the amount due reach 77,000 or more?Alice has 1,857 in a savings account that earns 14% interest, compounded annually.To the nearest cent, how much will she have in 4 years?How long will it take for a 5000 investment to grow to 7945 at an annual rate of 8.6% compounded semiannually?What is the interest of 0.9 dollars if invested at 2.25% compound annually in 1000 years?