Question

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

Answer 1

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