ashleyshearodge
ashleyshearodge ashleyshearodge
  • 19-10-2017
  • Mathematics
contestada

you invest 1600 in an account that pays an interest rate of 6.5%, what is your balance after 6 years and round your answer to the nearest hundredth.

Respuesta :

pmayl
pmayl pmayl
  • 19-10-2017
Assuming Interest is compounded yearly:
Every year, the principal is multiplied by 1.06
Therefore, we multiply 1600 by 1.06⁶, or multiply by 1.06 six times
1.06⁶ = 1.4185

1600 * 1.4185 = 2,269.63
Answer Link

Otras preguntas

which climate has no vegetation and his home to penguins and polar bears?
What are two advantages that locomotion gives to an organism?
Why can there be two vertical cross sections for a right rectangular prism and only one horizontal cross section?
Why can there be two vertical cross sections for a right rectangular prism and only one horizontal cross section?
The landscape feature that forms when plate movement forces the crust to bend downward is a.......
A black rock that produces heat
why might the earths oceans be described as one huge ocean
"Atticus killed the engine in the driveway and coasted to the carhouse". What does that mean? This is from To Kill a Mockingbird.
Explain the connection between your  body and supernova
what was the effect when the english settlers were willing to fight for the land they wanted?