You invested $500 in a savings account at the end of the 6th grade. The account pays 4% annual
1 answer:
Answer:
$632.66 is the amount of money in the savings account after graduation
Step-by-step explanation:
There are 12 grades in high school. So the number of years before graduation here is 6 years.
Now to know the amount of money, the equation to use is;
A(t) = a(1+r)^t
Here;
A(t) = ?
a = 500
r = 4% = 4/100 = 0.04
t = 6 years
Substituting these values into the equation, we have;
A(t) = 500(1 + 0.04)^6
A(t) = 500(1.04)^6
A(t) = $632.66
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