Question

Find the balance in the account after the given period.

$6000 principal earning 5% compounded annually. 5 years​

Answer 1

Explanation:

P = $6000

r =5%

t = 5 years

`Amount=P*(1+(r)/(100))^(t)\\\\=6000*(1+(5)/(100))^(5)\\\\=6000*((105)/(100))^(5)\\\\=6000*(1.05)^(5)\\\\= 6000*1.28`

= $7657.69