Question

suppose your friends parents invest 10,000 in an account paying 6% compounded annually.what will the balance be after 5 years

Answer 1

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➷ Use this formula:

final = original x multiplier^n

n would be the number of years

First to calculate the multiplier:

6/100 = 0.06

1 + 0.06 = 1.06

Substitute the values in:

final = 10000 x 1.06^5

Solve:

final = 13382.25578

Your answer is $13382.25

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