SOLUTION: Solve the given problem related to compound interest. Find the balance if $6500 is invested at an annual interest rate of 6.5%, compounded annually, after the following number

Question 1006254: Solve the given problem related to compound interest.
Find the balance if $6500 is invested at an annual interest rate of 6.5%, compounded annually, after the following number of years. (Round your answers to the nearest cent.)
(a) 5 years
$

(b) 12 years
$

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=6500(1.065)^5
FV=6500(1.065)^12
You do the math.
Do the exponent first, then multiply.
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