The approximate value of the account after 2.5 years is $6778.
Compound interest
The compound interest is given by:
A = P(1 + r)^t
where P is the initial amount, r is the interest rate, t is the period and A is the final amount.
Given that:
r = 5% = 0.05, P = $6000, t = 2.5 years, hence:
A = 6000(1 + 0.05) ^ 2.5 = $6778
The approximate value of the account after 2.5 years is $6778.
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