if $500 are deposited into an account with a 4.5% interest rate, compounded annually, what is the balance…

if $500 are deposited into an account with a 4.5% interest rate, compounded annually, what is the balance after 6 years? f = $? f = p(1 + r/n)^nt round to the nearest cent.

if $500 are deposited into an account with a 4.5% interest rate, compounded annually, what is the balance after 6 years? f = $? f = p(1 + r/n)^nt round to the nearest cent.

Answer

Answer:

$651.37$

Explanation:

Step1: Identify values

$P = 500$, $r=0.045$, $n = 1$, $t = 6$

Step2: Substitute into formula

$F=500\times(1+\frac{0.045}{1})^{1\times6}$

Step3: Simplify exponent

$F = 500\times(1 + 0.045)^{6}$

Step4: Calculate inside - parentheses

$F=500\times(1.045)^{6}$

Step5: Calculate power

$(1.045)^{6}\approx1.30273$

Step6: Multiply

$F=500\times1.30273 = 651.365\approx651.37$