Find the balance in the account after the given period. $6000 principal earning 5% compounded annually. 5 years

asked Mar 17, 2021 201k views

4 votes

Find the balance in the account after the given period.

$6000 principal earning 5% compounded annually. 5 years

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6 votes

Answer:

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

Yanina answered Mar 23, 2021

4.0k points

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