Answer to Question #281243 in Financial Math for Kaye

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?

Expert's answer

By compound interest:

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

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