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Andreyy89
3 years ago
9

You deposit $200 in an account that pays 5% interest every year. How much money will you have after 6 years? Round to the neares

t dollar
Mathematics
1 answer:
Nitella [24]3 years ago
8 0

Answer:

\$ 268

Step-by-step explanation:

Compound Interest: If P is initial amount, A is final amount, r is interest rate and n is number of years.

A=P(1+\frac{r}{100})^n

Here\ P=\$ 200,\ r=5\%\ and\ n=6\ years\\\\We\ have\ to\ find\ out\ A\\\\A=200(1+\frac{5}{100})^6\\\\A=200(1+0.05)^6\\\\A=200(1.05)^6\\\\A=200\times  1.340095641\\\\A=268.02\\\\A\approx \$ 268

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