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3 May, 08:53

A principal of $1500 is invested at 7.25% interest, compounded annually. How much will the investment be worth after 14 years?

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  1. 3 May, 09:08
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    Using formula: P*[1 + (r/100) ]^t

    where:

    P = $1500

    t = 14

    r = 7.25%

    Gives you: $3996.257562

    > $3996.26 (nearest cent)
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