Answer to Question #280539 in Financial Math for Rose marie

Question #280539

Janny opened a savings account and deposited $300.00 as principal. The account earns 6% interest, compounded annually. What is the balance after 6 years? *

Expert's answer

"A=P(1+r\/100)^n=300(1+6\/100)^6=300\\times 1.06^6=\\$425.56"

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