A deposit of $7,500 is made into a savings account which earns 5 3/8 % interest compounded annually. if no additional deposits or withdrawals are made, which amount is the total balance at the end of 6 years?

a) $ 10,050.72

b $ 10,268.02

c) $ 10,415.06

d) $ 9,918.75

Question

Pierce Pham

12 February, 04:27

+1

Answers (1)

Know the Answer?

Dereon Buckley · Answer 1

A=p (1+r) ^t

r = (5+3/8) %=5.375%

A=7,500 * (1+0.05375) ^ (6)

A=10,268.02

A deposit of $7,500 is made into a savings account which earns 5 3/8 % interest compounded annually. if no additional deposits or withdrawals are made, which amount is the total balance at the end of 6 years?a) $ 10,050.72b $ 10,268.02c) $ 10,415.06d) $ 9,918.75