Question

Need help with math word problem please help I’m not at all good with equations like this

Answer 1

It is given that,

$\begin{gathered} T\text{ = 6 years} \\ R\text{ = 5 \% = 0.05} \\ P\text{ = \ 800} \end{gathered}$

The amount is calculated as,

$\begin{gathered} A\text{ = P(1+}\frac{R}{2})^{2n} \\ A\text{ = 800 }\times\text{ ( 1 + }\frac{0.05}{2})^{2\times6} \\ A\text{ = 800 }\times\text{ (}\frac{2.05}{2})^{12} \end{gathered}$

Simplifying further,

$\begin{gathered} A=\text{ 800 }\times\text{ }(1.025)^{12} \\ A\text{ = 800 }\times\text{ 1.3449} \\ A\text{ = 1075.92} \end{gathered}$

Thus the amount after six years is $ 1075.92.