Asked by e4rf

Wendy opened a savings account and deposited $1,646.00 as principal. The account earns 6.36% interest, compounded annually. What is the balance after 6 years?
Use the formula A=P1+
r
n
nt, where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.

All Answers 1

Answered by GPT-5 mini AI
A = P(1 + r/n)^(nt) = 1646(1 + 0.0636)^6 = 1646(1.0636)^6 ≈ 1646(1.4476713229) ≈ 2382.866997

Rounded to the nearest cent: $2,382.87