How much water did all the students drink on Wednesday? Explain how you figured it out. Make sure to use complete sentences and
be very clear in your explanation. You may attach a picture if you used a model of base ten pieces or a number line.
1 answer:
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The money in the Felix's account will be $6798 when he is 21.
<u>Step-by-step explanation:</u>
It is given that,
- The amount deposited is $2000.
- The account earns 6% compound interest.
- It is compounded annually for 21 years.
<u>To find the money in Felix's account after 21 years :</u>
The formula used here is,
⇒
where A is the amount after 21 years.
- P is the initial amount deposited ⇒ P = 2000
- r is the rate ⇒ r = 0.06
- n is the number of times interest is compounded per year⇒ n = 1
- t is the time period ⇒ t = 21
⇒
⇒
⇒
⇒
Therefore, The money in the Felix's account will be $6798 when he is 21.