The formula for annual compound interest is:
A = P (1 + r/n)ⁿˣ
Where:
A = Future value
P = The principal investment amount
r = The annual interest rate
n = The number of times that interest is compounded per year
x = The number of years
A = $6,000
P = $3,000
r = ?
n = 1 times
x = 6 years.
6000 = 3000 × (1 + r)⁶
6000/3000 = (1 + r)⁶
2 = (1 + r)⁶
Taking 6th root on both sides.
1.12 = 1 + r
r = 1.12 - 1
r = 0.12
r = 12%
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</span><span>hope this helps!!!!!!!!!!</span>
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