Question

NEED MAJOR HELP!!!!!!!!

Samantha desposited $650 into a savings account that pays 3.5% interest compound annually. After 6 years what will be the value of her investment in dollars?

Answer 1

Hi,
Principal=$650, R=3.5%, T=6 yrs
Amount=Principal * (100+R%/100)^no. of yrs
Amount=650 * (100+3.5/100)^6
Amount= 650 * 103.5/100 * 103.5/100 * 103.5/100 * 103.5/100 * 103.5/100 * 103.5/100
Amount= 650 * 1.035 * 1.035 * 1.035 * 1.035 * 1.035 * 1.035
Amount=799.016
Hope this helps you.