use the formula $a = p(1+\frac{r}{n})^{nt}$ to find the total amount in an account after 6 years if the…

use the formula $a = p(1+\frac{r}{n})^{nt}$ to find the total amount in an account after 6 years if the initial deposit is $250.00 and it is compounded annually at 6%. round to the nearest cent.

use the formula $a = p(1+\frac{r}{n})^{nt}$ to find the total amount in an account after 6 years if the initial deposit is $250.00 and it is compounded annually at 6%. round to the nearest cent.

Answer

Answer:

$354.29$

Explanation:

Step1: Identify values

$P = 250$, $r=0.06$, $n = 1$, $t = 6$

Step2: Substitute into formula

$A=250(1+\frac{0.06}{1})^{1\times6}=250(1 + 0.06)^{6}$

Step3: Calculate exponent

$(1 + 0.06)^{6}=1.06^{6}\approx1.4172$

Step4: Calculate final amount

$A = 250\times1.4172=354.29$