Question

What is the final balance for an account starting with $6000 at 1.5% interest compounded annually for 5 years?

A = P(1 + r)t



A.
$6450.00


B.
$6463.70


C.
$12,068.14


D.
$30,450.00

Answer 1

There is also a formula F = P (1 +i)

Answer 2

oh

Answer 3

but can you explain to me how you do it?

Answer 4

Simple plug-in the values.
F = 6000 (1+0.015)^5

Answer 5

So B?

Answer 6

right?

Answer 7

^_^ Correct.

Answer 8

thanks! :)

Answer 9

can you help me with 2 more?

Answer 10

City Bank offers 4% simple interest on deposits. County Bank offers 3% interest compounded annually.

Derek deposits $5000 in City Bank and Lupe deposits $5000 in County Bank.

What is the difference in final balances for Derek and Lupe at the end of 6 years?



A.
$229.74


B.
$300.00


C.
$356.33


D.
$426.60

Answer 11

Please? Anyone?

Answer 12

@shamim?

Answer 13

plz help!

Answer 14

This is the same as the method you used previously. Just use your mind and analyze carefully. :) This time, I think it is better to answer it on your own :)

Answer 15

ok :)

Answer 16

I think it's C?

Answer 17

plz help

Answer 18

@Yttrium?

Answer 19

anyone?

Answer 20

i will friend anyone who answers this one and 1 more!

Answer 21

City Bank offers 4% simple interest on deposits. County Bank offers 3% interest compounded annually.

Derek deposits $5000 in City Bank and Lupe deposits $5000 in County Bank.

What is the difference in final balances for Derek and Lupe at the end of 6 years?



A.
$229.74


B.
$300.00


C.
$356.33


D.
$426.60

Answer 22

You're wrong. </3