A principal of $2300 is invested at 6.5% interest, compounded annually. How much will the investment be worth after 13 years

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Mathematics

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27 January, 14:58

A principal of $2300 is invested at 6.5% interest, compounded annually. How much will the investment be worth after 13 years

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Answers (1)

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Mckenna Dean · Answer 1

Answer:$5215.25

Step-by-step explanation:

Principal (p) = $2300

rate (r) = 6.5%

time (n) = 13years

amount = p (1+r/100) ^n

Amount=2300 x (1+6.5/100) ^13

Amount=2300x (1+0.065) ^13

Amount=2300x (1.065) ^13

Amount = 2300 x 2.2675

Amount = 5215.25