Question

ASASP PLEASE I'm in a hurry

Find the balance in an $800 compound interest account at 6% for 9 years.


$1,351.58

$759.28

$2,541.46

$842.56

Answer 1

Answer: $1,351.58 which is choice A

Work Shown:

I'm assuming the compounding frequency is n = 1 (aka compounding annually)

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

A = 800*(1+0.06/1)^(1*9)

A = 1351.58

Answer 2

$1351.58 is the correct answer