Question

How much would $200 invested at 6% interest compounded annually beworth after 6 years? Round your answer to the nearest cent.ntA(t) = P1

Answer 1

Given:

$A(t)=P(1+\frac{r}{n})^{nt}$$\begin{gathered} P=200 \\ r=6\%=0.06 \\ n=1 \\ t=6 \end{gathered}$

Substitute at the given function:

$A(t)=200\cdot(1+0.06)^6=200\cdot1.06^6=283.7038$

Rounding the answer to the nearest cent

so, the answer will be 283.70

The answer is option