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

Answer 1

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

Answer 2

b

Answer 3

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