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7 November, 14:43

Stephen invests in an account that pays 3% compound interest annually. He invests $5,500. He uses the expression P (1+r) t to find the total value of the account. What will be the total value of the account after 6 years?

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  1. 7 November, 17:00
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    A = $6567.29

    Step-by-step explanation:

    A = P (1+r) ^t

    Where A = amount in account

    P = principal

    r = interest rate in decimal form

    t = time

    We know that P = 5500

    r =.03

    t = 6

    Substitute these values into the equation.

    A = 5500 (1+.03) ^6

    A = 5500 (1.03) ^6

    A = 5500 (1.194052297)

    A=6567.287631

    Since this is money we round to the nearest cent

    A = $6567.29
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