Question

If a principal of $1020 is invested at an annual interest rate of 5% compounded annually, what is the account balance at the end of 6 years?
Choose one answer.
a. $6426
b. $1367
c. $1326
d. 1302

Answer 1

can u please helps thanks

Answer 2

Remember:
\[A=P(1+\frac{r}n)^{nt}\]
with:
P = principal amount (the initial amount you borrow or deposit)
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

ok thanks do u know the answer the test is time

Answer 4

I'm not gonna sit here and do the test work for you. All you have to do is plug in the values and find what A is.