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Carson opened a savings account and deposited 100.00 as principal. The account earns 3% interest, compounded annually. What is the balance after 6 years?

Solution

Solution

Amount : 119.41

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.03}{1})^{1 \cdot 6}

100 (1 + \frac{0.03}{1})^{1 \cdot 6} = 119.40522 \dots

Round to the nearest hundredth:

119.41

Amount : 119.41

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