Scarlett opened a savings account and deposited 7,058.00 as principal. The account earns 8.54% interest, compounded annually. What is the balance after 6 years?

Solution

Scarlett opened a savings account and deposited 7, 058.00 as principal. The account earns 8.54% interest, compounded annually. What is the balance after 6 years?

Solution

Amount : 11540.39

Solution steps

Translate the problem into an equation:

A = 7058 (1 + \frac{0.0854}{1})^{1 \cdot 6}

7058 (1 + \frac{0.0854}{1})^{1 \cdot 6} = 11540.39190 \dots

Round to the nearest hundredth:

11540.39

Amount : 11540.39

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