Answer:
A = $ 1,195.63
A = P + I where
P (principal) = $ 850.00
I (interest) = $ 345.63
Step-by-step explanation:
First, convert R percent to r a decimal
r = R/100
r = 5.7%/100
r = 0.057 per year,
Then, solve our equation for A
A = P(1 + r/n)nt
A = 850.00(1 + 0.00475/12)(12)(6)
A = $ 1,195.63
Summary:
The total amount accrued, principal plus interest,
from compound interest on an original principal of
$ 850.00 at a rate of 5.7% per year
compounded 12 times per year
over 6 years is $ 1,195.63.
