Answer: B. $7,503
Step-by-step explanation:
Given: Principal amount P = $6,300
The rate of interest r=6%=0.06
The time period t=3 years
The compound amount after t years with principal amount P at rate of interest r is given by :-
\(A=P(1+r)^t\)
Now, for the given situation, the compound amount after 3 years is given by :-
\(A=6300(1+0.06)^3\\\Rightarrow\ A=6300(1.06)^3\\\Rightarrow\ A=7503.4008\approx7503\)
Hence, the balance in the account after 3 years = $7503
