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Thepotemich [5.8K]
3 years ago
11

1. Yousaf deposits $5000 in a savings account at his local bank. The account pays 5.5 % interest compounded annually. At the end

of 6 years, how much will he have in his account?
Mathematics
1 answer:
irina [24]3 years ago
4 0

Answer:

I think its $6894.21

Step-by-step explanation:

compound interest formula: A= P(1+ r/n)^nt

A= 5000(1+ 0.055/1)^1(6)

A= 6894.21403

A= $6894.21

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