Question

The balance of an account earning compound interest is found using the formula A=p(1+r)t , where p is the principal (the amount invested), r is the interest rate, and t is the time in years. What is the account balance after 6 years, if $1,000 is invested at 8%? Round your answer to the nearest whole number.

Answer 1

Hi there

A=1,000×(1+0.08)^(6)
A=1,586.87