Question

find the compound amount by multiplying the original deposit by 100% plus the compound rate given in the following $1,190 at 9% for 6 years

Answer 1

the formula is

`M=C(1+i)^n`

where m is the total

C the initial capital

i the compound rate

and n the period of time

so replacing

`M=1,190(1+0.09)^6`

and solve

`\begin{gathered} M=1,190(1.09)^6 \\ M=1,190(1.677) \\ M=1,995.75 \end{gathered}`

the total is $1,995.75