casedog833 casedog833

17-01-2019
Mathematics

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ASASP PLEASE I'm in a hurry
Find the balance in an $800 compound interest account at 6% for 9 years.

$1,351.58

$759.28

$2,541.46

$842.56

Respuesta :

17-01-2019

$1351.58 is the correct answer

Answer Link

jimthompson5910 jimthompson5910

17-01-2019

Answer: $1,351.58 which is choice A

Work Shown:

I'm assuming the compounding frequency is n = 1 (aka compounding annually)

A = P*(1+r/n)^(n*t)

A = 800*(1+0.06/1)^(1*9)

A = 1351.58

Answer Link

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