Question

Ms. Etienne deposited $450 into an account that paid 5% interest compounded annually. She did not make any

Answer 1

Answer:

$603.04

Step-by-step explanation:

The Compound Amout formula is A = P(1 + r)^t, where:

P is the principal (initial deposit), r is the annual interest rate as a decimal fraction, and t is the time period in years.

In this particular case, the Compound Amount is:

A  = ($450)(1 + 0. 05)^6 = ($450)(1.34) = $603.04