Question

Brennan puts 600.00 into an account to use for school expenses the account earns 11%interest compounded annually how much will be in the account after 6 years

Answer 1

Here,

P = 600

t = 6

n = 1 (annually)

r = 11% = 0.11

Applying the fromula to calculate compound interest we have,

$\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \text{ =600(1+0.11)}^6 \\ \text{ =1122.248} \end{gathered}$

The answer is 1122.248.