Question 896955: how much would 200 dollars invested at 6 percent intrest compounded annually be worth after 6 years
Answer by lwsshak3(11628)   (Show Source):
You can put this solution on YOUR website! how much would 200 dollars invested at 6 percent interest compounded annually be worth after 6 years
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compound interest formula: A=P(1+i)^n, P=initial investment,i=interest per compounding period, n=number of periods, A=amount after n=periods
..
For given problem:
P=200
i=6%=.06
n=6
A=200(1+.06)^6
A=200(1.06)^6
A=$283.70
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