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Hobbs Lambert

21/02/2021 · Senior High School

A fixed-rate investment generates a return of \( 3 \% \) per annum, compounded annually. The value of the investment is modelled by \( A = P ( 1.03 ) ^ { t } \) , where \( P \) is the original investment. Find the value of the investment after after \( 2 \frac { 1 } { 4 } \) years if the original investment was \( \$ 700 \) . Give your answer to the nearest cent. 

Answer
expertExpert-Verified Answer

Boyd Potter
Specialized Tutor
5.0 (40votes)

A = $748.1

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