Andy has $100 in an account. The interest rate is 6% compounded annually.
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abidemiokin 4 months ago
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The equation that represent the amount in the account after t years is A = 100(1.06)^t

Compound interest

This is an interest on an amount of money. The formula for calculating the compound interest is expressed as;

A = P(1 + r)^t

P is the principal = 100

r is the rate = 6% = 0.06

If the interest is compounded annually, the equation that represent the amount in the account after t years is given a:

A = 100(1+0.06)^t
A = 100(1.06)^t

Learn more on compound interest here: https://brainacademy.pro/question/13160996

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