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How much would $200 invested at 6% interest compounded a 6% interest compounded annually be worth after 5 years, round to the nearest cent
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How much would $200 invested at 6% interest compounded a 6% interest compounded annually be worth after 5 years, round to the nearest cent

User Radha Satam
by
8.4k points

1 Answer

7 votes
A= P(1 + r)^n
where,
A= final balance
P= initial quantity
n= number of compounding periods
r= percentage interest rate
So,
P= $200
n= 6 years
r= 6%= 0.06

=$200(1 + 0.06)^6
=$283.70
User James Gu
by
8.3k points
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