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nexus9112 [7]
4 years ago
13

you invest 1600 in an account that pays an interest rate of 6.5%, what is your balance after 6 years and round your answer to th

e nearest hundredth.
Mathematics
1 answer:
brilliants [131]4 years ago
3 0
Assuming Interest is compounded yearly:
Every year, the principal is multiplied by 1.06
Therefore, we multiply 1600 by 1.06⁶, or multiply by 1.06 six times
1.06⁶ = 1.4185

1600 * 1.4185 = 2,269.63
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ankoles [38]
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Step-by-step explanation:
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Check work:
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2 years ago
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y = -4

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3 years ago
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3 years ago
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