Samantha desposited $650 into a savings account that pays 3.5% interest compound annually. After 6 years what will be the value

Question

Firlakuza [10]

3 years ago

13

Samantha desposited $650 into a savings account that pays 3.5% interest compound annually. After 6 years what will be the value

of her investment in dollars?

Mathematics

1 answer:

erma4kov [3.2K] · Answer 1 · 2021-11-25T12:21:22+03:00

erma4kov [3.2K]3 years ago

7 0

Hi there
The formula is
A=p (1+r)^t
A future value?
P present value 650
R interest rate 0.035
T time 6 years

A=650×(1+0.035)^(6)
A=799.02

Hope it helps