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mjujithandyLida
mjujithandyLida mjujithandyLida
  • 15-08-2016
  • Mathematics
Answered

How much would $200 invested at 6% interest compounded annually be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.

Verified Answer :

Hussain514 Hussain514
  • 17-08-2016

A= P(1 + r)^n  
where,
A= final balance 
P= initial quantity 
n= number of compounding periods 
r= percentage interest rate 
So,
P= $200 
n= 6 years 
r= 6%= 0.06 

=$200(1 + 0.06)^6 
=$283.70

Answer Link
Ckaranja
Ckaranja Ckaranja
  • 24-08-2016

Amount= \(p(1+ \frac{r}{100} )^{n}\)
Amount= 200(1+0.06\()^{6}\)
Amount=200\((1.06)^{6}\)
Amount=283.70

Answer Link

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