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How much would $200 invested at 6% interest compounded annually be worth after 6 years? Round your answer to the nearest cent. A.$272.00B.$212.30C.$286.67D.$283.70

How much would 200 invested at 6 interest compounded annually be worth after 6 years Round your answer to the nearest cent A27200B21230C28667D28370 class=

Respuesta :

Solution:

The amount, A, over a period of time, t, is;

[tex]A(t)=P(1+\frac{r}{n})^{nt}[/tex]

Given;

[tex]\begin{gathered} P=200,r=6\text{ \%}=0.06,t=6,n=1 \\ \\ A(6)=200(1+0.06)^6 \\ \\ A(6)=283.70 \end{gathered}[/tex]

CORRECT OPTION: (D) $283.70

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