Principal Amount = P = $1600
Interest rate = r = 6.5% = 0.065
Time in years = t = 6
Formula for compound interest is:
[tex]A=P e^{rt} [/tex]
Using the values, we get:
[tex]A=1600 e^{0.065*6}=2363.17 [/tex]
Rounding of to nearest hundredth, the balance in the account after 6 years will be $2363.17
