Question

$1200.00 is deposited into an account that earns 6.5% interest, which is compounded four times per year. How much money will be in the account after 6 years?

Answer 1

`\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}\to &\$1200\\ r=rate\to 6.5\%\to (6.5)/(100)\to &0.065\\ n= \begin{array}{llll} \textit{times it compounds per year} \end{array}\to &4\\ t=years\to &6 \end{cases} \\\\\\ A=1200\left(1+(0.065)/(4)\right)^(4\cdot 6)\implies A=1200(1.01625)^(24)`