Question

A principal of $2500 is invested at 8.25% interest, compounded annually. How much will the investment be worth after 11 years? Use the calculator provided and round your answer to the nearest dollar.

Answer 1

$5979

Explanation:

8.25% = 0.0825

1.0825^11 = 2.3917

2.3917 * 2500 = 5979.25 = 5979