zenidamjd04 zenidamjd04

11-10-2021
Mathematics

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An investment of P=1237.50 is compounded annually with a 6.75% APR . Find the value of the investment after 5 and a half years.

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mhanifa mhanifa

11-10-2021

Answer:

1772.43

Step-by-step explanation:

Given:

Principal P = 1237.50
Interest rate r = 6.75% or 0.0675
Number of compounds n = 1
Time t = 5.5 years

Find the total:

[tex]A = P(1 + r/n)^{nt}[/tex]
[tex]A = 1237.5*(1+0.0675)^{5.5} = 1772.43[/tex]

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