Question

How much would $200 invested at 6% interest compounded a 6% interest compounded annually be worth after 5 years, round to the nearest cent

Answer 1

A= P(1 + r)^n  
where,
A= final balance 
P= initial quantity 
n= number of compounding periods 
r= percentage interest rate 
So,
P= $200 
n= 6 years 
r= 6%= 0.06 

=$200(1 + 0.06)^6 
=$283.70