Question

You invested $500 in a savings account at the end of the 6th grade. The account pays 4% annual

Answer 1

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