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How much would $200 invested at 6% interest compounded annually beworth after 6 years? Round your answer to the nearest cent.ntA(t) = P1

How much would $200 invested at 6% interest compounded annually beworth after 6 years-example-1
User Vasim
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7.5k points

1 Answer

6 votes

Given:


A(t)=P(1+(r)/(n))^(nt)
\begin{gathered} P=200 \\ r=6\%=0.06 \\ n=1 \\ t=6 \end{gathered}

Substitute at the given function:


A(t)=200\cdot(1+0.06)^6=200\cdot1.06^6=283.7038

Rounding the answer to the nearest cent

so, the answer will be 283.70

The answer is option

User YOU
by
7.9k points
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