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

Question

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

nnesha · Answer

plug in numbers 
t = years 
p = starting amount 
r = interest (first divide by 100  --- 1.5/100 =r )
go!

oregonduck · Answer

b

oregonduck · Answer

There is also a  formula F = P (1 +i)
Simple plug-in the values.
F = 6000 (1+0.015)^5