Question

a yearly contribution of 1600 is deposit into an interest-bearing account. If the account has 5.1% interest rate and compound annually, what will be the total amount in the account after 6 years

Answer 1

The formula is
A=p (1+r)^t
A future value?
P present value 1600
R interest rate 0.051
T time 6 years
A=1,600×(1+0.051)^(6)
A=2,156.43