Victoria opened a savings account and deposited 676.00 as principal. The account earns 6% interest, compounded annually. What is the balance after 6 years?

Solución

Solución

Amount : 958.92

Pasos de solución

Translate the problem into an equation:

A = 676 (1 + \frac{0.06}{1})^{1 \cdot 6}

676 (1 + \frac{0.06}{1})^{1 \cdot 6} = 958.91891 \dots

Round to the nearest hundredth:

958.92

Amount : 958.92

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