If $1,200 is invested in an account that earns 4.5% interest per year, how muchmoney will be in the account after 6 years?

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HayvnU664696 HayvnU664696

03-11-2022
Mathematics

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If $1,200 is invested in an account that earns 4.5% interest per year, how muchmoney will be in the account after 6 years?

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AlizehJ309325 AlizehJ309325 · Answer 1 · 2022-11-03T07:05:48+01:00

AlizehJ309325 AlizehJ309325

03-11-2022

[tex]\begin{gathered} \text{Interest}=\frac{Prin\text{icipal}\times rate\times time}{100} \\ I=\frac{1200\times4.5\times6}{100} \\ I=324 \\ \text{The money in the account is.} \\ \text{Money}=P+I \\ \text{Money}=1200+324 \\ \text{Money}=\text{ \$1524} \end{gathered}[/tex]

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