Question

a $6,300.00 principal earns 6% interest compounded annually. After 3 years, what is the balance in the account.

Please help get the answer and explain.

Answer 1

A = (P+r/n)^(nt)

for you
n = 12
P = 6300
r = .06
t = 3

Answer 2

A= P ( 1 + r/n) ^(nt)

P = principal amount
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year

Answer 3

I had to google to remember the exact formula as well.... lol we got the same page

Answer 4

took it in my last math class actually haha but yeah i forgot the formula too

Answer 5

Lmao, thanks.