Emily invests $1,000 at a rate of 6%, compounded annually. How much money, rounded to the nearest cent, will be in Emily's account at the end of 7 years?

Question

anonymous · Answer

@Hotchellerae21

anonymous · Answer

okay so what you use is the

$$A=P(1+\frac{ r }{ n})^{nt}$$

anonymous · Answer

since this is compounded annually you have to make n to 1 because annual means yearly.

anonymous · Answer

6% is your rate, so change it to a decimal. which is 0.06

anonymous · Answer

whaaaaaaa?

anonymous · Answer

your starting amount or PRINCIPLE, P is $1,000

anonymous · Answer

this is a compound sequence problem, so you plug it all in, I will draw for you:

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