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Year 11 Maths - General Consumer arithmetic

Compound Interest

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Questions
Question 1
29565

An amount of $3200 is invested at 4% compound interest per annum for 6 years. Find the final value of the investment. 

$4049.02

\begin{aligned}
A &=P(1+r)^{n} \\
A &=3200(1+0.04)^{6} \\
&=3200(1.04)^{6} \\
&=\$ 4049.02
\end{aligned}

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