Question

Help with this math question please

Answer 1

Principal Amount = P = $1600
Interest rate = r = 6.5% = 0.065
Time in years = t = 6

Formula for compound interest is:


`A=P e^(rt)`

Using the values, we get:


`A=1600 e^(0.065*6)=2363.17`

Rounding of to nearest hundredth, the balance in the account after 6 years will be $2363.17