Question

WILL MEDAL PLZ HELP
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

@paki

Answer 2

I think its C

Answer 3

b is correct :)

Answer 4

How did you get B?..
@TwiztTiez

Answer 5

Can you explain it instead of the direct answer...

Answer 6

F=6000 (1+0.015)^5

Answer 7

hopes this helps

Answer 8

Crestline Bank offers 3% simple interest on deposits. Mid City Bank offers 2% interest compounded annually.

Jill deposits $3000 in Crestline Bank and Owen deposits $3000 in Mid City Bank.

What is the difference in final balances for Jill and Owen at the end of 5 years?

A.
$177.82

B.
$165.58

C.
$150.00

D.
$137.76

ok..

Answer 9

Anyone mind helping?

Answer 10

@TheAsker2002

Answer 11

Not asking for a direct answer just how to do it.

Answer 12

I'd rather not cheat

Answer 13

all you neef for that is the right formula:

https://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm


That finds the total. Subtract off the original from the total and you have interest earned.

Answer 14

Thank you

Answer 15

@TheAsker2002
Thanks I got a 80% with the formula :D

Answer 16

@catterang No problem