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?

Question

Mathematics

Gabriella

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?

+5

Answers (2)

Know the Answer?

Callie · Answer 1

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

Wendy Todd · Answer 2

6,650

Step-by-step explanation:

5000 x. 055 (percent to decmil) = 275

275 x 6 = 1650

1650 + 5000 = 6,650