Anthony deposits $6,000 into an account that pays 5.6% annual interest and is
1 answer:
Answer:
$6,376.59
Step-by-step explanation:
Using the compound interest formula;
A = P(1+r/n)^nt
A = 6000(1+0.056/(1/3))^(0.056)(7)
A = 6000(1+0.056(3))^0.392
A = 6000(1+0.168)^0.392
A = 6000(1.168)^0.392
A = 6000(1.06277)
A = $6,376.59
Hence the balance in his account after 7 years is $6,376.59
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