ivyyyyy1 ivyyyyy1
  • 08-06-2018
  • Mathematics
contestada

A principal of $3500 is invested at 3.75% interest, compounded annually. How much will the investment be worth after 12 years? Round to the nearest dollar

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altavistard
altavistard altavistard
  • 08-06-2018
Use the compound amount formula:

A = P*(1+r/n)^(nt)

Here,

A = $3500*(1+0.0375/12)^(12*12) =  $5485.24
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