William invested $5000 in an account that earns 3.8% interest, compounded annually. The formula for compound interest is A (t) = P (1 + i) t.

How much did William have in the account after 6 years? (APEX)

Question

Baylee Payne

11 March, 16:18

+2

Answers (2)

Know the Answer?

Diya Swanson · Answer 1

I think you have mistaken the formula.

I will do it this way.

Interest after 6 years: 1.038^6 * $5,000

Thus, amount after 6 years = $6,253.95

Gustavo Blanchard · Answer 2

My formula is I=p•r•t

I = 5000•0.038•6

I = 1140

Since that is just the interest you have to add the interest and money invested

1140+5000=$6140

William invested $5000 in an account that earns 3.8% interest, compounded annually. The formula for compound interest is A (t) = P (1 + i) t.How much did William have in the account after 6 years? (APEX)