aiden has $6,000 in an account. the interest rate is 5% compounded annually. to the nearest cent, how much…

Explanation:

Step1: Identify compound - interest formula

The compound - interest formula is $A = P(1 + r)^t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the number of years.

Step2: Convert the interest rate to decimal

Given $r = 5%=0.05$, $P=$6000$, and $t = 5$ years.

Step3: Substitute values into the formula

$A=6000\times(1 + 0.05)^5$. First, calculate $(1 + 0.05)^5=(1.05)^5$. $(1.05)^5=1.05\times1.05\times1.05\times1.05\times1.05 = 1.27628$. Then, $A = 6000\times1.27628=7657.68$.

Answer:

$7657.68$