How much would $200 invested at 6% interest compounded annually beworth after 6 years? Round your answer to the nearest cent.A(t) = P(1+OA. $286.67OB. $283.70Oc. $272.00OD. $212.30

Accepted Solution

Answer:$283.7Step-by-step explanation:The formula of compound interest is given as Β [tex]A = P(1 + \frac{r}{100 \times n} )^{tn}[/tex] where, P is the invested principal amount. A is the amount the sum finally grows up to. t is the number of years the principal is invested for. r = the % annual compound interest rate. and n is the number of times the principal is compounded in each year. Β Now, in our case P = $200, r = 6%, t = 6 years and n = 1 So, [tex]A = 200(1 + \frac{6}{100} )^{6} = 283.7[/tex] Dollars (Answer)