Question

PLEASE HELP ASAP 30 POINTS!! Show all work!

6) Marcus goes to a bank and opens a new account. He deposits $6,500 that earns 1.4% compounded annually. How much would he have at the end of 3 years? Round to the nearest hundredth.

A) $6,591.00
B) $6,683.27
C) $6,773.00
D) $6,776.84

Answer 1

P- 6500

R-1.4%

T- 3yrs

I-?

I first find simple interest,

I=P×R×T÷100

=273

then you add your answer to the price(6500)

273+6500=6773

Answer 2

D, 6500 increased by 1.4% is 6591 plus another 1.4% which is 6683 and for the last year you add another 1.4% to get the final answer which is D 6,776.84