To calculate the balance of an account that accrues interest at a certain rate, compounded annually, you can use the formula:
A = P(1 + r)^t
where:
A = the final balance (what you're trying to find)
P = the initial deposit (the principal)
r = the annual interest rate (expressed as a decimal)
t = the number of years the money is invested for
So in this case:
A = 3750(1 + 0.051)^6
A = 3750(1.051)^6
By using calculator or formula A=P(1+r)^t we can find the final balance after 6 years is $6,068.55