Question

Chanelle deposit seven 7500 and to the bank she does not withdraw and deposit the money for six years she earns 6% interest. What will be the balance when she is finally able to withdraw it

Answer 1

The balance when Chanelle is finally able to withdraw the money will be ${{{7500* (1 + 0.06)^6}}}.

Step-by-step explanation:

To calculate the balance after six years with a 6% interest rate, we can use the formula for compound interest:

Final Balance = Principal *(1 + Rate)^Time

Where, Principal = $7,500, Rate = 6% (or 0.06), Time = 6 years

Using this formula, we can calculate the final balance:

Final Balance = $7,500 * (1 + 0.06)^6 = ${{{7500* (1 + 0.06)^6}}}

Therefore, the balance when Chanelle is finally able to withdraw the money will be ${{{7500* (1 + 0.06)^6}}}