Question

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?

Answer 1

@Hotchellerae21

Answer 2

okay so what you use is the

\[A=P(1+\frac{ r }{ n})^{nt}\]

Answer 3

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

Answer 4

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

Answer 5

whaaaaaaa?

Answer 6

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

Answer 7

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