Question

CAN SOMEONE HELP WORK THIS OUT PLEASE
Melinda invested $1000 in a retirement account. The formula below shows the amount of money, A, that will be in their account at the end of t years.`
A = 1000(1 + r)^t
In the formula , r is the interest rate, expressed as a decimal. Melinda’s account has an interest rate of 6%. MWhich of the following is the closest to the amount that will be in Melinda’s account at the end of 2 years?

A)$1120 B)$1256 C)$1124 D)$1360

Answer 1

A = 1000(1 + r)^t
A ?
R interest rate 0.06
T time 2 years

A=1,000×(1+0.06)^(2)
A=1,123.6 round your answer to get
1124 which is option c

Hope it helps!