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Aiden has $6,000 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much will he have in 5 years?Use the formula B=p(1+r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.$

Aiden has 6000 in an account The interest rate is 5 compounded annuallyTo the nearest cent how much will he have in 5 yearsUse the formula Bp1rt where B is the class=

Respuesta :

Using the formula provided by the problem:

[tex]\begin{gathered} B=p(1+r)^t \\ where: \\ p=6000 \\ r=5\%=0.05 \\ t=5 \\ Therefore: \\ B=6000(1+0.05)^5 \\ B\approx7657.69 \end{gathered}[/tex]

Answer:

$7657.69

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