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Desmond opened a savings account and deposited $600.00 as principal. The account earns
6% interest, compounded annually. What is the balance after 6 years?
Use the formula A = P(1+r/n)^nt
where A is the balance (final amount), P is the principal
(starting amount), r is the interest rate expressed as a decimal, n is the number of times per
year that the interest is compounded, and t is the time in years. Round your answer to the nearest cent.

Respuesta :

Answer:

$826.28

Step-by-step explanation:

Given:

[tex]P = 600[/tex]

[tex]r = 6% or 0.06[/tex]% or [tex]0.06[/tex]

[tex]t = 6[/tex]

Work:

[tex]A=Pe^{rt}[/tex]

[tex]A=600e^{0.06*6}[/tex]

[tex]A=600e^{0.36}[/tex]

[tex]A=826.28[/tex]

Therefore, the balance after 6 year is 826.28.

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