Answer :
Principal, P = $500
r =8% = 0.08, the interest rate
n = 1, the compounding interval
t = 6 years
The value after 6 years is
[tex]A = P(1 + \frac{r}{n} )^{nt}[/tex]
That is,
A = $500*(1 + 0.08)⁶ = $793.44
Answer: $793.44
r =8% = 0.08, the interest rate
n = 1, the compounding interval
t = 6 years
The value after 6 years is
[tex]A = P(1 + \frac{r}{n} )^{nt}[/tex]
That is,
A = $500*(1 + 0.08)⁶ = $793.44
Answer: $793.44