Question

Tony opened a savings account with an initial deposit of $1,000. If no more money is deposited or withdrawn, and the account earns 7.5% interest compounded yearly, how much money will be in the account after 6 years?

Answer 1

1000 ( 1 + 0.075)^6 = $1543.30

Answer 2

Hello

The rate of change would be 2,500 dollars per year.

The initial value would be 5,000 dollars. And I believe Y= 7,500.