Question

Mackenzie put $6,000.00 in a retirement account that offers 11% interest compounded annually. She makes no additional deposits or withdrawals. How much interest will she have earned at the end of 6 years? Make sure you round to the nearest hundreth!

Answer 1

$39,960

Explanation:

11% of 6000

= 11/100 × 6000

=$660

Year 1=$6,660.00

Year 6= $6,660.00 × 6 years

=$39, 960.00