hussenabbas54 hussenabbas54
  • 25-04-2021
  • Mathematics
contestada

Find the final amount of money in an account if
$
7
,
200
is deposited at
6
%
interest compounded annually and the money is left for
6
years.

Respuesta :

abidemiokin
abidemiokin abidemiokin
  • 30-04-2021

Answer:

$10,213.34

Step-by-step explanation:

Using the compound interest formula;

A = P(1+r/n)^t

Given that;

P = $7,200

rate r = 6% = 0.06

Time t = 6years

n = 1

Substitute into the formula

A = 7200(1+0.06)^6

A = 7200(1.06)^6

A = 7200(1.4185)

A = 10,213.34

Hence the final amount is $10,213.34

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