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21 May, 12:13

john lee's savings account has a balance of $1509. After 9 years, what will the amount of interest be at 6% compounded annually? rounded to the nearest dollar.

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  1. 21 May, 12:54
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    Answer: $2549

    Step-by-step explanation:

    A = P (1 + r) ˣ; where P is Principal, r is rate, and x is time

    Given:

    P = 1509 r = 6% = 0.06 x = 9

    A = 1509 (1 + 0.06) ⁹

    = 1509 (1.06) ⁹

    = 1509 (1.6895)

    = 2549.42
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