SOLUTION: A bank offers APR of 6.5%. By what decimal number do you multiply a deposit to find the total amount in an account after one year at this rate? Thanks!!!!

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Question 870700: A bank offers APR of 6.5%.
By what decimal number do you multiply a deposit to find the total amount in an account after one year at this rate?
Thanks!!!!
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A bank offers APR of 6.5%.
By what decimal number do you multiply a deposit to find the total amount in an account after one year at this rate?
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A(t) = P(1+r*t)
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A(1) = P(1+0.065)
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A(1) = P(1.065)
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decimal = 1065/1000
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Cheers,
Stan H.