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William invested $6000 in an account that earns 5.5% interest, compounded annually. The formula for compound interest is A(t) = P(1 + i)t.

How much did William have in the account after 6 years? (APEX)

Respuesta :

[tex]\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+r\right)^{t} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$6000\\ r=rate\to 5.5\%\to \frac{5.5}{100}\to &0.055\\ t=years\to &6 \end{cases} \\\\\\ A=6000(1+0.055)^6\implies A=(1.055)^6[/tex]
SociometricStar

Answer:

William have $8273.057 in the account after 6 years.

Step-by-step explanation:

The given formula is [tex]A(t)=P(1+i)^t[/tex]

We have,

P = $6000

r = 5.5% = 0.055

t = 6

A =?

Substituting these values in the above formula to find A

[tex]A(t)=6000(1+0.055)^6\\\\A(t)=8273.057[/tex]

Therefore, William have $8273.057 in the account after 6 years.

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