Dalton opened a savings account and deposited 800.00 as principal. The account earns 15% interest, compounded annually. What is the balance after 6 years?

Solution

Solution

Amount : 1850.45

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.15}{1})^{1 \cdot 6}

800 (1 + \frac{0.15}{1})^{1 \cdot 6} = 1850.44861 \dots

Round to the nearest hundredth:

1850.45

Amount : 1850.45

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