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Principal Amount = P = $1600
Interest rate = r = 6.5% = 0.065
Time in years = t = 6
Formula for compound interest is:
Using the values, we get:
Rounding of to nearest hundredth, the balance in the account after 6 years will be $2363.17
Interest rate = r = 6.5% = 0.065
Time in years = t = 6
Formula for compound interest is:
Using the values, we get:
Rounding of to nearest hundredth, the balance in the account after 6 years will be $2363.17