Ask Question
28 April, 12:44

A deposit of $500 is made in a savings account that pays 6% interest compounded annually. If no withdrawals or additional deposits are made, what will be the value of the account after 1 year? (Hint: Use I = prt.)

+3
Answers (1)
  1. 28 April, 13:37
    0
    530

    500 (1.06) ^1

    Multiply the original amount by 1.06 to the power of how many years it is. You get 1.06 by adding the percentage of the interest to 1 followed by a decimal.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A deposit of $500 is made in a savings account that pays 6% interest compounded annually. If no withdrawals or additional deposits are ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers