Question

Steven starts a savings account with $10,000. He earns 7% annual interest. How much will be in the account after 6 years. Round to the nearest dollar. Thank you!

Answer 1

So the equation is A = P(1+rt)
A = 10,000(1+0.07*6)
A = 10,000(1+0.42)
A = 14,200.00