Question

Dylan invested $1800 in an scoping that pays 3.75% interest compounded annually. Assuming no deposits or withdrawals are made, find how much money Dylan would have in the account 6 years after his initial investment. Round to the nearest tenth if necessary.

Answer 1

2244.9

Explanation:

Anually compound interest formula

PV(1+i)^t

1800(1+.0375)^6

1800*1.0375^6

2244.921387 which rounds to

2244.9