On your thirteenth birthday, you received $1,000 which you invested at 6.5 percent interest, compounded annually. Your investment is now worth $5,476. How old are you today?
Added by Mar-A W.
Step 1
- Principal \( P = 1000 \) dollars - Interest rate \( r = 6.5\% = 0.065 \) per year - Final amount \( A = 5476 \) dollars - Compounded annually - Number of years invested = \( t \) (unknown) Show more…
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