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Johnny puts 500.00 into an account to use for school expenses. The account earns 1% interest, compounded annually. How much will be in the account after 6 years?

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解答

Johnnyputs500.00intoanaccounttouseforschoolexpenses.Theaccountearns1%interest,compoundedannually.Howmuchwillbeintheaccountafter6years?

解答

Amount:530.76
求解步骤
Translate the problem into an equation:A=500(1+10.01​)1⋅6
500(1+10.01​)1⋅6=530.76007…
Round to the nearest hundredth:530.76
Amount:530.76

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