Question

Jose invests $3,250 at 6% interest compounded annually. What will be the balance in the account after 3.5 years?



Please give me the answers to the unit 5: Lesson 10: Patterns and rules unit test.

Answer 1

This is just a very straightforward application of your formula for compound interest.

What have you done so far?

Answer 2

well, first try
1.06 * what = what the next year?
so after 2 years
1.06 * 1.06 * original
so after n years
1.06^n * original

does it increase in half a year?

Answer 3

2626.50