Dillon puts 200.00 into an account to use for school expenses. The account earns 6% interest, compounded annually. How much will be in the account after 9 years?

Solution

Solution

Amount : 337.9

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.06}{1})^{1 \cdot 9}

200 (1 + \frac{0.06}{1})^{1 \cdot 9} = 337.89579 \dots

Round to the nearest hundredth:

337.9

Amount : 337.9

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