Question

Cheryl deposits $7,500 into the bank. She cannot withdraw or deposit any more money for 6 years. She earns 6% interest during that time. 2700 is the interest she has at the end of 6 years.What will her new balance be when she is finally able to withdraw her money?

Answer 1

Answer: $10,200

Step-by-step explanation:

Given: The deposited amount in bank by Cheryl (Principal )= $7500

The rate of interest during that time= 6%

Since, she cannot withdraw or deposit any more money for 6 years.

Also, it is given that the interest amount she got after 6 years in the account = $2700

Therefore, the total amount in her account after 6 years = Principal +Interest

$=\ 7500+\ 2700=\ 10,200$

Hence, her new balance be when she is finally able to withdraw her money will be $10,200.