Question

A $6,300.00 principal earns 6% interest, compounded annually. After 3 years, what is the balance in the account?

a. $1,360,800.00
b. $7,503.40
c. $7,434.00***
d. $25,804.80

Answer 1

amount = 6300(1.06)^3
= 7503.40

how did you get your answer ??

Answer 2

This is correct.
Answer : $7,503.40

Answer 3

I still don't know how you got the answer to this question.

Answer 4

Shane you have to find 6% of 6,300 and then multiply it by 3 then add it to 6,300

Answer 5

the equation would be
6300(1+.06/1)^3

Answer 6

I took 100/6. Divided 6300 by what I got from 100/6.

100/16=16.6666666667

6300/16.6666666667 =377.999999999

377.999999999 x3=1134

6300+1134 =7434

Which is incorrect so that's why i'm here lol

Answer 7

But atleast 7434 is a answer choice?

Answer 8

Yep its 7503

Answer 9

join my discord my tag is Kusupho#4772 add me to join because i can’t share links (i’m creating an connexus discord group)