Asked by Kaai97

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
Answered by Reiny
amount = 6300(1.06)^3
= 7503.40

how did you get your answer ??
Answered by Rose Lynn
This is correct.
Answer : $7,503.40
Answered by Shane
I still don't know how you got the answer to this question.
Answered by Carlos
Shane you have to find 6% of 6,300 and then multiply it by 3 then add it to 6,300
Answered by Anonymous
the equation would be
6300(1+.06/1)^3
Answered by Yeesh
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
Answered by Yeesh
But atleast 7434 is a answer choice?
Answered by Yeesh
Yep its 7503
Answered by phosphophyllite solos
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)
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