Ask Question
29 January, 04:53

john lee's savings account has a balance of $1509. After 9 years, what will the amount of interest be at 6% compounded annually? rounded to the nearest dollar.

+2
Answers (1)
  1. 29 January, 08:03
    0
    Answer: $2549

    Step-by-step explanation:

    A = P (1 + r) ˣ; where P is Principal, r is rate, and x is time

    Given:

    P = 1509 r = 6% = 0.06 x = 9

    A = 1509 (1 + 0.06) ⁹

    = 1509 (1.06) ⁹

    = 1509 (1.6895)

    = 2549.42
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “john lee's savings account has a balance of $1509. After 9 years, what will the amount of interest be at 6% compounded annually? rounded to ...” 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