URGENT– A principal of $3,600 is invested at 6.75% interest, compounded annually. How much will the investment be worth after 6 years? Rou

Question

URGENT– A principal of $3,600 is invested at 6.75% interest, compounded annually. How much will the investment be worth after 6 years? Round your answer to the nearest dollar.

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Alaia 1 month 2021-09-15T08:40:55+00:00 1 Answer 0

Answers ( )

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    2021-09-15T08:42:17+00:00

    Answer:

    $5327

    Step-by-step explanation:

    6.75%=0.0675

    Initial amount: $3600

    After 1 year:

    A1=3600(1+0.0675)

    After 2 years:

    A2=A1(1+0.067)=3600(1+0.0675)²

    …..

    After 6 years

    A6=3600(1+0.0675)⁶=3600×1.0675⁶

    A6=$5327.332

    Rounded to the nearest dollar: $5327

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