Ask Question
20 February, 16:12

How much would $400 be worth after 6 years, if were invested at 2% interest compounded annually? (Use the formula below and round your answer to the nearest cent.) A (t) = P (1 + (r) / (n)) ^ (nt)

+4
Answers (1)
  1. 20 February, 18:49
    0
    2% interest is the rate "r" but needs to be decimal form. r = 0.02

    $400 is the principal amount P

    because it's annual rate, n = 1

    t = 6

    A = 400 (1+0.02) ^ (6)

    A = 400 (1.02) ^ (6)

    A = 400 (1.13)

    A = 450.46
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “How much would $400 be worth after 6 years, if were invested at 2% interest compounded annually? (Use the formula below and round your ...” 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