Question

$459 into an investment at 5% for six years. What will the balance be at the end of six years?

Answer 1

A=615.10

Step-by-step explanation:

The balance after six years is the future value of 459 at a 5% interest rate.

The applicable formula is

A= P( 1+ r )^n

A = amount after six years

P= 459

r=5%

N=6 year

A= 459(1+5/100)^6

A = 459(1.05)^6

A=459 x 1.34

A=615.06

A=615.10