Mathematics: Layla opened a savings account and deposited 700.00 as principal the account earns 8%interest compounded annually what is the balance after 6 years

2700×3 1/2=9450 ftThe airplane descended 9450ft in 3 1/2 minutes....

Layla opened a savings account and deposited 700.00

Wolfgirl2032

13.02.2022

The balance after 6 years is $1110.812026

Step-by-step explanation:

The rule of the compound interest is A = P $(1+\frac{r}{n})^{nr}$ , where

A is the new amountP is the initial amountr is the interest rate in decimaln is the number of periodst is the time in years

∵ Layla opened a savings account and deposited $700.00 as principal.

∴ P = 700

∵ The account earns 8% interest compounded annually

∴ r = 8% = 8 ÷ 100 = 0.08

∴ n = 1 ⇒ compounded annually

∵ The time is 6 years

∴ t = 6

→ Substitute these values in the rule above

∵ A = 700 $(1+\frac{0.08}{1})^{1(6)}$

∴ A = 700 $(1.08)^{6}$

∴ A = 1110.812026

∴ The balance after 6 years is $1110.812026

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