The balance of an account earning compound interest is found using the formula 2003-02-05-00-00_files/i0240000.jpg, 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.
A.
$1,080
B.
$1,587
C.
$1,480
D.
$1,800

Question

Gdeinward · Answer

please post it by a different means. We cannot see the formula

dude · Answer

Basing on the varaiables given it is safe to assume it is a interest formula

$A=P(1+r)^t$

Surely enough the image supports this

So they gave you the values of the variables, you just have to substitute them into the equation they gave you

Remember to convert the percentage to a decimal

Gdeinward · Answer

For some reason, it would not work for me.

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