amount = 6300(1.06)^3
= 7503.40
how did you get your answer ??
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
9 answers
This is correct.
Answer : $7,503.40
Answer : $7,503.40
I still don't know how you got the answer to this question.
Shane you have to find 6% of 6,300 and then multiply it by 3 then add it to 6,300
the equation would be
6300(1+.06/1)^3
6300(1+.06/1)^3
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
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
But atleast 7434 is a answer choice?
Yep its 7503
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)
3 answers