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William invested $5000 in an account that earns 3.8% interest, compounded annually. The formula for compound interest is A(t) = P(1 + i)t. How much did William have in the account after 6 years? (APEX)
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1 vote
William invested $5000 in an account that earns 3.8% interest, compounded annually. The formula for compound interest is A(t) = P(1 + i)t.

How much did William have in the account after 6 years? (APEX)

User Tempest
by
5.4k points

2 Answers

4 votes
My formula is I=p•r•t
I = 5000•0.038•6
I = 1140
Since that is just the interest you have to add the interest and money invested
1140+5000=$6140
User Juckobee
by
5.9k points
3 votes
I think you have mistaken the formula.
I will do it this way.

Interest after 6 years: 1.038^6 × $5,000

Thus, amount after 6 years = $6,253.95
User Rajkumar Kumawat
by
4.8k points
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