rfrgr:
The balance of an account earning compound interest is found using the formula A = P(1+r)^t , where p is the principal (the amount invested), r is the interest rate, and t is the time in years. What is the account balance after 6 years, if $1,000 is invested at 8%? Round your answer to the nearest whole number.
Angle:
Hi @rfrgr ! Welcome to QuestionCove :) Let's identify which numbers equal what variables: "What is the account balance after 6 years" so since \(t\) is the time in years, then \(t = 6\) "$1,000 is invested" the initial amount invested is represented by \(P\) so \(P = 1000\) "at 8%" we are told that \(r\) is the interest rate so \(r = 8%\) or \(r = 0.08\) as a decimal we plug these numbers in for the letters in the equation they want us to use what do you get?
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