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3 years ago

1. Actually calculate the final amount on $1000 compounded annually at 6% per year for 4 years?

Mathematics

2 answers:

nexus9112 [7]3 years ago

3 0

Answer:1262.5

Step-by-step explanation:

A=amount p=principal r=rate n=time in years

A=p(1+r/100)^n

A=1000(1+6/100)^4

A=1000(1+0.06)^4

A=1000(1.06)^4

A=1000×1.2625

A=1262.5

gavmur [86]3 years ago

3 0

Answer:the final amount is $1263

Step-by-step explanation:

Initial amount deposited into the account is $1000 This means that the principal is

P = 1000

It was compounded annually. This means that it was compounded once in a year. So

n = 1

The rate at which the principal was compounded is 6%. So

r = 6/100 = 0.06

It was compounded for 4 years. So

t = 4

The formula for compound interest is

A = P(1+r/n)^nt

A = total amount in the account at the end of t years. Therefore

A = 1000 (1+0.06/1)^1×4

A = 1000(1.06)^4

A = $1263

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