SOLUTION: You deposit $1,600 in a bank account that pays 6% interest compounded annually. What is the balance after five years?

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Question 603968: You deposit $1,600 in a bank account that pays 6% interest compounded annually. What is the balance after five years?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

You deposit $1,600 in a bank account that pays 6% interest compounded annually. What is the balance after five years?

 A = P(1+r)^t

 A = 1600(1.06)^5

 A = $2141.16