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

Algebra ->  Quadratic Equations and Parabolas -> 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       Log On


   

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) About Me  (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.