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Brennan puts 600.00 into an account to use for school expenses the account earns 11%interest compounded annually how much will be in the account after 6 years

User Racoon
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1 Answer

5 votes

Here,

P = 600

t = 6

n = 1 (annually)

r = 11% = 0.11

Applying the fromula to calculate compound interest we have,


\begin{gathered} A=P(1+(r)/(n))^(nt) \\ \text{ =600(1+0.11)}^6 \\ \text{ =1122.248} \end{gathered}

The answer is 1122.248.

User Bardh Lohaj
by
8.2k points
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