julliettebenson julliettebenson
  • 23-09-2016
  • Mathematics
contestada

600$ for 3 years at 6% compounded annually?

Respuesta :

Drian
Drian Drian
  • 23-09-2016
Your set up would be A=600e^(.06*3)
Your answer would be 1630.96909708
And if you round it to the nearest 4th decimal it would be
1630.9691
Answer Link
apologiabiology
apologiabiology apologiabiology
  • 23-09-2016
[tex]F=P(1+ \frac{r}{n})^{tn} [/tex]
F=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years


[tex]F=600(1+ \frac{0.06}{1})^{(3)(1)} [/tex]
[tex]F=600(1.06)^{3} [/tex]
F=714.61

answer is $714.61
Answer Link

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