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Justina opened a savings account and deposited 400.00 as principal. the account earns 14%, interest compounded annually what is the balance after 6 years?

Justina opened a savings account and deposited 400.00 as principal. the account earns 14%, interest compounded annually what is the balance after 6 years?
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Justina opened a savings account and deposited 400.00 as principal. the account earns 14%, interest compounded annually what is the balance after 6 years?

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User Andy Cox
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1 Answer

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The balance after 6 years can be determined as,


\begin{gathered} A=P(1+(r)/(100))^t \\ =400(1+(14)/(100))^6 \\ =877.99 \end{gathered}

Thus, the required balance is 877.99 USD.

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User Calebbrown
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