Ask Question
19 June, 03:47

You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. How much money will you have in the account after 6 years? Round your answer to the nearest whole number.

+3
Answers (2)
  1. 19 June, 06:03
    0
    1000 (1+2.5%) ^6=?
  2. 19 June, 06:42
    0
    The change is a growth of 2.5% so the factor will be:

    1 + 0.025 = 1.025

    N = 1000 (1.025) ⁶

    = $1,160
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. How much money will you have in ...” 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