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25-06-2019
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Jose now has $500. How much would he have after 6 years if he leaves it invested at 5.5% with annual compounding?a. $591.09b. $622.20c. $654.95d. $689.42e. $723.89

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dispyskirden dispyskirden

02-07-2019

Answer:

D. 689. 42

Explanation:

The equation to calculate the total including the initial principal plus interest is [tex]A=P(1+r/n)^{nt}[/tex], where the following is true:

A= Total (principal plus interest)

P= Principal ($500)

R= Rate (5.5% in decimals = 0.055)

n= Compound (Annually -- 1 year)

t= Time in years (6 years)

[tex]A=500(1+(0.055/1))^{1X6}[/tex]

[tex]A=500(1+0.055)^{6}[/tex]

[tex]A=500(1.055)^{6}[/tex]

[tex]A=500(1.37884)[/tex]

[tex]A=689.42[/tex]

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