If $2000 is invested at an interest rate of 9% per annum, compounded annually, what will the value of the investment be after 6 years?
Question
Solution 1
To calculate the value of the investment after 6 years, we can use the formula for compound interest, which is:
A = P (1 + r/n)^(nt)
Where: A = the amount of money accumulated after n years, including interest. P = principal amount (the initial amount of money) r = annual interest rate (in decimal Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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