Question

1. You deposit $1500 in an account that pays 5% interest compounded veonly.

Find the balance after 6 years.​

Answer 1

2010.1434

Explanation:

ax(1+%)^n

1500x(1.05)^6

2010.14

Answer 2

$2010.14

Explanation:

A = Accumulated or final amount

P = Principal ($1500)

r = interest rate as a decimal (0.05)

t = time (6 years)

A = 1500*(1 + 0.05)6 = 1500*(1.05)6 = $2010.14