You invest an initial $1,000 in an account that has an annual interest rate of 2

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

You invest an initial $1,000 in an account that has an annual interest rate of 2.5%, compounded annually. How much money will you have in the account after 6 years? Round your answer to the nearest whole number.

Oct 21st, 2017

1000*(1.025)^6=1159.693 

Answer: $1,160

Feb 27th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Oct 21st, 2017
...
Oct 21st, 2017
Oct 22nd, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer