Question

Chanelle deposits $7,500 into the bank. She does not withdraw or deposit money for 6 years. She earns 6% interest during that time.

b. what will the balance be when she is finally able to withdrawal her money?

Answer 1

10,200 dollars is the answer

Answer 2

10,200 Dollars

Explanation:

First, converting R percent to r a decimal

r = R/100 = 6%/100 = 0.06 per year.

Solving our equation:

A = 7500(1 + (0.06 × 6)) = 10200

A = $10,200.00