Question

29

Answer 1

$~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\ 32000\\ r=rate\to 6.25\%\to \frac{6.25}{100}\dotfill &0.0625\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &6 \end{cases} \\\\\\ A=32000\left(1+\frac{0.0625}{1}\right)^{1\cdot 6}\implies A=32000(1.0625)^6\implies A\approx 46038.78$