If you invested $6,000 for 5 years at %, and the account was worth $6,375 after the 5 years, what is the maturity value?
Question
If you invested 6,375 after the 5 years, what is the maturity value?
Solution
Sure, let's break it down step by step.
- Initial Investment (Principal): $6,000
- Time Period: 5 years
- Final Account Value (Maturity Value): $6,375
The maturity value is the amount the investment is worth after the specified time period, including any interest earned. In this case, the maturity value is already given as $6,375.
So, the maturity value of the investment is $6,375.
Similar Questions
A student saving to purchase a car deposited $3,500 into an account that earned $600 in interest after 5 years. Find the maturity value.
Question 6 of 10How much would $500 invested at 6% interest compounded monthly be worth after 5 years? Round your answer to the nearest cent.A.$886.41B.$674.43C.$669.11D.$512.63
A principal of $2500 is invested at 6% interest, compounded annually. How many years will it take to accumulate $5000 or more in the account?
If you invest $1,000 at a 6% annual interest rate, how much will it be worth in 5 years with annual compounding?a.$1,338.22b.$1,060c.$1,300d.$1,500
A certificate of deposit is purchased for $3000 and held for 5 years. If the certificate earns 6% per annum, compounded quarterly, (four times per year) what is it worth at the end of the 5 years?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.