how much would $200 invested at 6% interest compounded annually be worth after 5 years? round your answer to the nearest cent.
2 answers:
Formula for compound interest Amount, A = P(1 + r)ⁿ P= Principal = $200, r = rate = 6% = 0.06, n = number of years = 5 Amount, A = 200(1 + 0.06)⁵ = 200*(1.06)⁵ = 267.645.. So it would be worth ≈ $267.65 after 5 years of compounding.
F = future amount (what you're looking for)
P = present amount = 200
r = interest rate = 0.06
n = number of compoundings a year = 1
t = number of years = 5
F = $267.65
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