Question

A principal of $3000 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 10 years?

Use the calculator provided and round your answer to the nearest dollar.

Answer 1

$6,232.89 or $6,232.90

Explanation:

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

A= 3000(1+(.075/12))^12*10

A= 3,232.89

3,232.89+3000= 6,232.89