Answer:
The account will have $6,380.00 after one year.
Step-by-step explanation:
To begin, let's change the 16% into a decimal by dividing by 100: 16/100 = 0.16
Next, we will get that 1 + 0.16 = 1.16.
Since the initial value for this question is the $5500, we can now write the equation:
A(t) = 5500(1.16)t
By choosing to find the amount after 1 year, we will let t = 1. so,
A(t) = 5500(1.16)1= 6380
