Question 5 of 20
1 answer:
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The money in the Felix's account will be $6798 when he is 21.
<u>Step-by-step explanation:</u>
It is given that,
- The amount deposited is $2000.
- The account earns 6% compound interest.
- It is compounded annually for 21 years.
<u>To find the money in Felix's account after 21 years :</u>
The formula used here is,
⇒
where A is the amount after 21 years.
- P is the initial amount deposited ⇒ P = 2000
- r is the rate ⇒ r = 0.06
- n is the number of times interest is compounded per year⇒ n = 1
- t is the time period ⇒ t = 21
⇒
⇒
⇒
⇒
Therefore, The money in the Felix's account will be $6798 when he is 21.
If the number you are rounding is followed by 5, 6, 7, 8, or 9, round the number up (+1).
If the number you are rounding is followed by 0, 1, 2, 3, or 4, round the number down (no change).
If the number you are rounding is followed by 0, 1, 2, 3, or 4, round the number down (no change).