kopanosoai kopanosoai

26-11-2020
Mathematics

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Lucia invests $5000 at a rate of 4.5% per year compound interest. Calculate the value of her investment at the end of 7 years.

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MrRoyal MrRoyal

20-07-2022

The value of her investment at the end of 7 years is $11804

How to determine the value?

The given parameters are

Principal, P = $5000

Rate, r = 4.5%

Time, t = 7 years

The value is then calculated as:

Value = P * P(1 + r)^t

So, we have:

Value = 5000 + 5000 * (1 + 4.5%)^7

Evaluate the expression

Value = 11804

Hence, the value of her investment at the end of 7 years is $11804

Read more about compound interest at:

https://brainly.com/question/24924853

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