Problem

A principal of $\$ 2100$ is invested at $6.75 \%$ interest, compounded annually. How much will the investment be worth after 11 years? Use the calculator provided and round your answer to the nearest dollar.

Answer

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Answer

Round the answer to the nearest dollar: \(\boxed{4308}\)

Steps

Step 1 ：Given: Principal (P) = $2100, Annual Interest Rate (r) = 6.75% = 0.0675, Compounded Annually (n = 1), Time (t) = 11 years

Step 2 ：Use the compound interest formula: A = P(1 + r/n)^(nt)

Step 3 ：Plug in the values: A = 2100(1 + 0.0675/1)^(1*11)

Step 4 ：Calculate the future value: A = 2100(1.0675)^11

Step 5 ：Compute the result: A = 4307.903987649927

Step 6 ：Round the answer to the nearest dollar: \(\boxed{4308}\)

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