Answer:
The interest After 6 years is $ 79.03
Step-by-step explanation:
Given as :
The principal amount deposited in account = $ 700
The rate interest earn = 1.8 % per year
The Time period = 6 years
From Compounded Method
Amount = Principal × [tex](1 +\dfrac{\textrm Rate}{100})^{\textrm Time[/tex]
Or, Amount = $ 700 × [tex](1 +\dfrac{\textrm 1.8}{100})^{\textrm 6[/tex]
Or, Amount = $ 700 × [tex]1.018^{6}[/tex]
Or, Amount = $ 700 × 1.1129
∴ Amount = $ 779.03
Now , Interest = Amount - Principal
I.e Interest = $ 779.03 - $ 700 = $ 79.03
Hence The interest After 6 years is $ 79.03 , Answer
Answer:$75.60
Step-by-step explanation:
i=interest
i=$700×0.018×6= 75.60
(remember decimal divided by 100 so 1.8%/100=0.018)
the interest after 6 years would be $75.60
