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olya-2409 [2.1K]
3 years ago
12

If you save $3,000 at an interest rate of 14 percent per year, how much will you have at the end of six years? The interest shou

ld be compounded. A. $5,805.96 B. $6,502.34 C. $6,584.91
Mathematics
1 answer:
Musya8 [376]3 years ago
7 0

<em>Answer:</em>

<em />

<em>C.) $6,584.91</em>

<em></em>

<em>Step-by-step explanation:</em>

<em />

<em>Amount earned in compound interest = P(1 + r)^n; </em>

<em>where P is the principal, </em>

<em>r is the rate and n is the number of periods.</em>

<em />

<em> </em>

<em>Amount = 3,000(1 + 14%)^6 = 3,000(1 + 0.14)^6 = 3,000(1.14)^6 = </em><u><em>$6,584.91</em></u>

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