Register
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?
219k views
0 votes
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?

User Chris Roy
by
7.5k points

1 Answer

7 votes
Hi there
The formula is
A=p (1+r)^t
A future value?
P present value 650
R interest rate 0.035
T time 6 years

A=650×(1+0.035)^(6)
A=799.02

Hope it helps
User Hertzsprung
by
8.0k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!