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You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. how much money will you have in the account after 6 years?

You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. how much money will you have in the account after 6 years?
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You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. how much money will you have in the account after 6 years?

asked
User Gokigooooks
by
8.4k points

1 Answer

1 vote
A=$1000(1+0.025÷12)^12(6)
A=$1,161.65...
(or $1,162 if rounded to the nearest whole number)
answered
User Arshin
by
8.4k points
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