Question

Bryan deposited $650 in a savings account that earns 6% interest compounded annually. If he does not deposit or withdraw any more money, how much money will there be in the account after 12 years?

Answer 1

A=p (1+r)^t
A future value
P present value 650
R interest rate 0.06
T time 12 years

A=650×(1+0.06)^(12)
A=1,307.93