Ask Question
9 March, 21:34

Becky put $100 into in the account to use for school expenses. The account earns 11% interest, compounded annually. How much will be in the account after 6 years?

+5
Answers (1)
  1. 9 March, 22:52
    0
    Answer: $187 will be in the account after 6 years.

    Step-by-step explanation:

    We would apply the formula for determining compound interest which is expressed as

    A = P (1+r/n) ^nt

    Where

    A = total amount in the account at the end of t years

    r represents the interest rate.

    n represents the periodic interval at which it was compounded.

    P represents the principal or initial amount deposited

    From the information given,

    P = $100

    r = 11% = 11/100 = 0.11

    n = 1 because it was compounded once in a year.

    t = 6 years

    Therefore,.

    A = 100 (1 + 0.11/1) ^1 * 6

    A = 100 (1 + 0.11) ^6

    A = 100 (1.11) ^6

    A = $187
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Becky put $100 into in the account to use for school expenses. The account earns 11% interest, compounded annually. How much will be in the ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers