Question

Oliver puts 600.00 into an account to use for school expenses the account earns 3% interest compounded annually how much will be in the account after 6 years

Answer 1

$600.00

3% interest = 0.03

compund anually

How much in 6 years

P = 600

r = 0.03

n = 1

t = 6

`A\text{ = 600(1 + }(0.03)/(1))^((1)(6))=600(1.03)^{6\text{ }}\text{ = 600(1.1940) = 716.40}`

Answer:

$716.40