Question

Find the final amount for a $1000 investment at 6% interest compounded annually for 20 years

Answer 1

The answer is:
1000*.06*20= 1200

Answer 2

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$1000\\ r=rate\to 6\%\to (6)/(100)\dotfill &0.06\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &20 \end{cases} \\\\\\ A=1000\left(1+(0.06)/(1)\right)^(1\cdot 20)\implies A=1000(1.06)^(20)\implies A\approx 3207.1355`