Question #281243

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?

1
Expert's answer
2021-12-20T16:32:41-0500

By compound interest:

F=P(1+r)n=300(1+0.06)6=425.56F=P(1+r)^n=300(1+0.06)^6=425.56


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Place free inquiry
Calculate the price
Learn more about our help with Assignments: Math

Comments

No comments. Be the first!
Our fields of expertise
10 years of AssignmentExpert
LATEST TUTORIALS
APPROVED BY CLIENTS
Very professional, high quality, and always delivers on time.
United States #333702 on Dec 2022