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29 November, 01:33

Tony opened a savings account with an initial deposit of $1,000. If no more money is deposited or withdrawn, and the account earns 7.5% interest compounded yearly, how much money will be in the account after 6 years?

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Answers (2)
  1. 29 November, 04:23
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    The correct answer is

    $ 1543.30
  2. 29 November, 04:49
    0
    1000 (1 + 0.075) ^6 = $1543.30
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