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Concept explainers
Find the investment of Shelly after 6 years.
![Check Mark](/static/check-mark.png)
Answer to Problem 26PT
Her Investment will be worth $2498.92 in 6 years.
Explanation of Solution
Given:
Shelly`s Investment of $3000 has been losing at a rate 3 % each year. What will her investment be worth in 6 years?
Concept Used:
Amount after t years:
A = amount accumulated
P = Principal
R = interest rate
N = compounding per period
T = number of period in years.
Calculation:
Amount after t years:
Amount after 6 years:
Her Investment will be worth $2498.92 in 6 years.
Thus, her Investment will be worth $2498.92 in 6 years.
Chapter 9 Solutions
Algebra 1
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