Question

Correct answers only please! I keep loosing points...

Quincy has $6,000 in a savings account that earns 4% interest, compounded annually.

To the nearest cent, how much interest will he earn in 5 years?

Use the formula B = p(1 + r)t, where B is the balance (final amount), p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years.

Answer 1

Answer:

approx 7299.917

Step-by-step explanation:

6000 x 1.04^5

=7299.917

Unfortunately I'm not sure how to round it to the nearest cent because I'm British and don't understand American currency. But you can try rounding it on your own ;)