Question

Chris deposited $445 in an account that earns 3.4% compounded annually. Find the balance in his account after 6 years.

Answer 1

$535.78

Explanation:

First find out the annual earnings. So multiply 3.4% by 445

0.034 x 445 = 15.13

That's what the account earns every year. Now multiply it by 6 to know what it'll get in 6 years.

15.13 x 6 = 90.78

Now add that to the initial value.

90.78 + 445 = 535.78

That's the balance in the account after 6 years...

$535.78