Calculate the final value of these investments once all interest has been earned over the given time period.Give your answers to the nearest cent where necessary.1aI'm still learning how to help with this question. We won't be able to chat, but I can still give hints!HintVideoExampleSend5 problems remainingUpgrade for moreHelpLessonToolboxMore$$$4210 at $$5% p.a. for $$5 years.
Question
Calculate the final value of these investments once all interest has been earned over the given time period.Give your answers to the nearest cent where necessary.1aI'm still learning how to help with this question. We won't be able to chat, but I can still give hints!HintVideoExampleSend5 problems remainingUpgrade for moreHelpLessonToolboxMore$5 years.
Solution
To calculate the final value of an investment with interest, you can use the formula for compound interest, which is A = P(1 + r/n)^(nt).
In this case, P (principal amount) = $4210 r (annual interest rate in decimal form) = 5% or 0.05 n (number of times that interest is compounded per year) = 1 (since it's not mentioned, we assume it's compounded annually) t (time the money is invested for in years) = 5 years
Substitute these values into the formula:
A = 4210(1 + 0.05)^5 A = 4210 * 1.27628
So, the final value of the investment after 5 years would be approximately $5371.46.
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