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Holly deposited $10,000 in an investment account. After 6 years the account is worth approximately $13,400. Which formula represents the value of the account after t years?

Holly deposited $10,000 in an investment account. After 6 years the account is worth approximately $13,400. Which formula represents the value of the account after t years?
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Holly deposited $10,000 in an investment account. After 6 years the account is worth approximately $13,400. Which formula represents the value of the account after t years?

asked
User Mtvec
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1 Answer

1 vote
A=p(1+r)^t
13400=10000(1+r)^6
Solve to find the interest rate
r=((13,400÷10,000)^(1÷6)−1)×100
r=4.99%=5%
answered
User Jasti
by
8.4k points
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