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Popular >

Find the accumulated value of an investment of 2000 at 4% compounded annually for 14 years.

Solution

Find the accumulated value of an investment of 2000 at 4% compounded annually for 14 years.

Solution

Amount : 3463.35

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.04}{1})^{1 \cdot 14}

2000 (1 + \frac{0.04}{1})^{1 \cdot 14} = 3463.35289 \dots

Round to the nearest hundredth:

3463.35

Amount : 3463.35

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