Stephen invests in an account that pays 3% compound interest annually. He invests $5,500. He uses the expression P (1+r) t to find the total value of the account. What will be the total value of the account after 6 years?

A = $6567.29

Step-by-step explanation:

A = P (1+r) ^t

Where A = amount in account

P = principal

r = interest rate in decimal form

t = time

We know that P = 5500

r =.03

t = 6

Substitute these values into the equation.

A = 5500 (1+.03) ^6

A = 5500 (1.03) ^6

A = 5500 (1.194052297)

A=6567.287631

Since this is money we round to the nearest cent

A = $6567.29