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17 April, 10:30

1,000 after 6 years at an interest rate of 11.5% is round up to the nearest cent

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  1. 17 April, 14:12
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    The future worth (F) of the current or present investment (P) that has a compounded interest (i) is calculated through,

    F = P x (1 + i) ^n

    where n is the number of years. Substituting the known values,

    1,000 = P x (1 + 0.115) ^6

    The value of P in the equation is approximately $520.42.
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