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24 August, 21:43

1000 is deposited in a savings account that is compounded annually at 6%. The balance, A, in the account after t years is A = 1000 (1+0.06) t find the balance after 1 year, 10 years and 20 years

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  1. 24 August, 22:27
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    1 Year:

    1000 (1+.06) 1 = 1060

    10 Years:

    1000 (1+.06) (10) = 10600

    20 Years:

    1000 (1+.06) (20) = 21200
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