Answer:
Step-by-step explanation:
To calculate the future value of the account after 6 years of earning interest, we can use the formula:
FV = P * (1 + r/n)^(n*t)
Where:
P = the principal amount (the initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
In this case, P = $100.00, r = 6% = 0.06, n = 1 (compounded annually), and t = 6 years. Plugging these values into the formula, we get:
FV = $100.00 * (1 + 0.06/1)^(1*6)
FV = $100.00 * (1.06)^6
FV = $133.82
Therefore, the amount in the account after 6 years would be $133.82.