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mel-nik [20]
3 years ago
10

john lee's savings account has a balance of $1509.After 9 years, what will the amount of interest be at 6% compounded annually?

rounded to the nearest dollar.
Mathematics
1 answer:
serious [3.7K]3 years ago
7 0

Answer: $2549

<u>Step-by-step explanation:</u>

A = P(1 + r)ˣ  ; where P is Principal, r is rate, and x is time

Given:

  • P = 1509
  • r = 6%  = 0.06
  • x = 9

A = 1509(1 + 0.06)⁹

   = 1509(1.06)⁹

   = 1509(1.6895)

   = 2549.42

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