Check my answer, please?
You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. How much money will you have in the account after 6 years? Round your answer to the nearest whole number.

$1,160

$1,200

$1,320

$1,360

Question

Check my answer, please?
You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. How much money will you have in the account after 6 years? Round your answer to the nearest whole number.

		
$1,160
		
$1,200
		
$1,320
		
$1,360

anonymous · Answer

I calculated A, is that correct?

anonymous · Answer

Ok

jim_thompson5910 · Answer

You use 

FV = PV*(1 + r/n)^(n*t)

jim_thompson5910 · Answer

PV = amount deposited (present value)
FV = future value
r = interest rate as a decimal number
n = compounding frequency
t = time in years

anonymous · Answer

Thanks. that is what I used to find my answer, which I believe is correct.

jim_thompson5910 · Answer

yes, it's A

anonymous · Answer

Thank you :) you are so helpful