Answer:
10,200 Dollars
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year.
Solving our equation:
A = 7500(1 + (0.06 × 6)) = 10200
A = $10,200.00
Answer: The balance after 6 years will be $10638.90
Step-by-step explanation:
in year 0, she had $7,500, and the interest is 6% (or 0.06 in decimal form) per year.
Then the amount of money in the bank can be described by the equation
M(y) = $7500*(1 + 0.06)^y
Where y is the number of years that passed. This equation says that the total amount of money increases by a factor of 1.06 each year.
We know that she can withdraw after 6 years, so we have y = 6
M(6) = $7500*(0.06)^6 = $10638.90
The balance after 6 years will be $10638.90
