prettybeautiful24 prettybeautiful24
  • 01-07-2016
  • Mathematics
contestada

$3,000 after 2 years at an interest rate of 10.0% is$ Round up to the nearest cent

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meerkat18
meerkat18 meerkat18
  • 09-07-2016
I assume that the given interest (i) is compounded. To calculate for the future worth (F) of the given present investment (P) may be calculated by the equation,
                                F = P x (1 + i)^n
where n is the number of years. Substituting the given values,
                                F = ($3000) x (1 + 0.10)^2 = $3,630
Thus, the future worth of this investment is $3,630.0
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