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1 September, 17:26

1. Yousaf deposits $5000 in a savings account at his local bank. The account pays 5.5 % interest compounded annually. At the end of 6 years, how much will he have in his account?

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Answers (2)
  1. 1 September, 19:16
    0
    I think its $6894.21

    Step-by-step explanation:

    compound interest formula: A = P (1 + r/n) ^nt

    A = 5000 (1 + 0.055/1) ^1 (6)

    A = 6894.21403

    A = $6894.21
  2. 1 September, 20:07
    0
    6,650

    Step-by-step explanation:

    5000 x. 055 (percent to decmil) = 275

    275 x 6 = 1650

    1650 + 5000 = 6,650
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