SOLUTION: Hello! Could you please help me with the following problem? If you could give me steps and show your work, that would be great. You invest an initial $1,000 in an account that

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Question 1061516: Hello! Could you please help me with the following problem? If you could give me steps and show your work, that would be great.
You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. How much money will you have in the account after 6 years? Round your answer to the nearest whole number.
Found 2 solutions by LynnMomo, MathTherapy:
Answer by LynnMomo(10)   (Show Source): You can put this solution on YOUR website!
A=P(1+r÷n)^nt
A=$1000(1+0.025÷12)^12(6)
A=$1161.65...
=$1162(nearest whole number)
Good luck on your study.^_^
Answer by MathTherapy(10556)   (Show Source): You can put this solution on YOUR website!

Hello! Could you please help me with the following problem? If you could give me steps and show your work, that would be great.
You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. How much money will you have in the account after 6 years? Round your answer to the nearest whole number.
Correct amount in account after 6 years:  

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