How much is the ENDING Balance... $53,300 at 6% for 9 years?

Question

asked Aug 11, 2021 43.1k views

1 Answer

Maayan Hope · Answer 1 · 2021-08-17T08:18:45+0000

Answer:

The ending balance is $90049.2285

Explanation:

Principal = 53300

Rate of interest =6%

Time = 9 years

We are supposed to find How much is the ENDING Balance

Formula :
A=P(1+r)^t

A = Amount

P = Principal

r = rate of interest in decimals

t =time

Substitute the values in the formula "

So,
A=53300(1+0.06)^9

A=90049.2285

Hence The ending balance is $90049.2285