Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

Chapter 6 - Percent - 6.8 Compound Interest - 6.8 Exercises - Page 453: 8

Answer

Year 1 total: $5830.00$ Year 2 total: $6179.80$ Year 3 total: $6550.59$ Year 4 total: $6943.62$

Work Step by Step

Year 1: $5500\times.06\times1 = 330$ add principal amount: $5830.00$ Year 2: $5830\times.06\times1 = 349.80$ add principal amount: $6179.80$ Year 3: $6179.80\times.06\times1 = 370.79$ add principal amount: $6550.59$ Year 4: $6550.59\times.06\times1 = 393.04$ add principal amount: $6943.62$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.