Carter opened a savings account and deposited 400.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 6 years?

Solution

Solution

Amount : 748.17

Solution steps

Translate the problem into an equation:

A = 400 (1 + \frac{0.11}{1})^{1 \cdot 6}

400 (1 + \frac{0.11}{1})^{1 \cdot 6} = 748.16582 \dots

Round to the nearest hundredth:

748.17

Amount : 748.17

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