Question

How much would $400 be worth after 6 years if it was invested at 2% interest compounded annually

Answer 1

Answer:

450.46497

Step-by-step explanation:

Based on the given condition:

$We\ know\ that:$

$\left\{\begin{matrix}P=400\\r=2\%\\n=1\\t=6\\\end{matrix}\right.$

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Formulate and substitute:

$Substitute$ $\left\{\begin{matrix}P=400\\r=2\%\\n=1\\t=6\\\end{matrix}\right.$$into\ formula$

$F=P*(1+r/n)^n^t\\ F=400\bullet(1+2\bullet\frac{1}{100})^6$

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Evaluate

$Evaluate\ the\ equation/expression:\\ 450.46497$

I hope this helps you

:)

Answer 2

P=400 (your amount invested)
r=.02 (rate as a decimal)
n=1 (number of times compounded per year, annually meaning 1)
t=6 (number of years invested)

you must follow orders of operations when you plug these things in your calculator.
1st step) do .02/1 to get 0.2 then add 1 to get 1.02. raise this to (1*6)and you get roughly 1.126, now multiply this by 400 to get answer D 450.46.