Diane invests $ 500 for 6 years at an annual interest rate of 4% compounded annually. What is the amount of this investment after 6 years

asked Oct 4, 2022 210k views

1 vote

Diane invests $ 500 for 6 years at an annual interest rate of 4% compounded annually.

What is the amount of this investment after 6 years

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6 votes

Answer:

120

Step-by-step explanation:

Interest = P*r*t

I = ?

P = 500

r = 4%; 4/100 = 0.04

t = 6

I = 500(0.04)(6)

I = 120

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