A principal of $2600 is invested at 7.5% interest, compounded annually. How much will the investment be worth after 8 years?

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16-07-2017
Mathematics

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A principal of $2600 is invested at 7.5% interest, compounded annually. How much will the investment be worth after 8 years?

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zrh2sfo zrh2sfo · Answer 1 · 2017-07-16T08:41:57+02:00

zrh2sfo zrh2sfo

16-07-2017

To add 7.5% to a number you simply multiply the number by 1.075. To compound that amount year after year, you raise 1.075 to an exponent that corresponds to the number of years. 2600*(1.075^8)=4637.04234646

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