A $6,300.00 principal earns 6% interest, compound annually. After 3 years, what is the balance in the account

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24-02-2017
Mathematics

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A $6,300.00 principal earns 6% interest, compound annually. After 3 years, what is the balance in the account

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bianca0205 bianca0205 · Answer 1 · 2017-02-24T16:04:20-05:00

bianca0205 bianca0205

24-02-2017

.06 interest earned
x 3 years
-----
.18 total interest earned

$6,300.00 balance
x .18 total interest earned
--------------
$444.0000
+ $630.0000
------------------
$1,074.00 total interest

$1,074.00
+ $6,300.00
-----------------
$7,374 is the total balance in the account after 3 years.

Your answer is $7,374.

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logo10 logo10 · Answer 2 · 2017-02-24T16:05:46-05:00

logo10 logo10

24-02-2017

6300.06=3783=1134 always remember when doing this multiply the amount you get by years

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