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15 May, 08:50

Becky put $100 into in the account to use for school expenses. The account earns 11% interest, compounded annually. How much will be in the account after 6 years?

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  1. 15 May, 09:02
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    Answer: $187 will be in the account after 6 years.

    Step-by-step explanation:

    We would apply the formula for determining compound interest which is expressed as

    A = P (1+r/n) ^nt

    Where

    A = total amount in the account at the end of t years

    r represents the interest rate.

    n represents the periodic interval at which it was compounded.

    P represents the principal or initial amount deposited

    From the information given,

    P = $100

    r = 11% = 11/100 = 0.11

    n = 1 because it was compounded once in a year.

    t = 6 years

    Therefore,.

    A = 100 (1 + 0.11/1) ^1 * 6

    A = 100 (1 + 0.11) ^6

    A = 100 (1.11) ^6

    A = $187
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