rosie4862000 rosie4862000

04-12-2018
Mathematics

contestada

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.

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tramserran tramserran

04-12-2018

Answer: $2549

Step-by-step explanation:

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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