To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = the principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case, P = $200, r = 6% or 0.06 (in decimal), n = 1 (since the interest is compounded annually), and t = 6 years.

Substituting these values into the formula, we get:

A = 200 (1 + 0.06/1) ^ (1*6)
A = 200 (1 + 0.06) ^ 6
A = 200 * 1.06 ^ 6
A = 200 * 1.4185

Rounding to the nearest cent, the amount of money that $200 would grow to after 6 years with an annual interest rate of 6% compounded annually is approximately $283.70.

So, the correct answer is C.$283.70.

Question

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = the principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case, P = $200, r = 6% or 0.06 (in decimal), n = 1 (since the interest is compounded annually), and t = 6 years.

Substituting these values into the formula, we get:

A = 200 (1 + 0.06/1) ^ (1*6)
A = 200 (1 + 0.06) ^ 6
A = 200 * 1.06 ^ 6
A = 200 * 1.4185

Rounding to the nearest cent, the amount of money that $200 would grow to after 6 years with an annual interest rate of 6% compounded annually is approximately $283.70.

So, the correct answer is C.$283.70.

Knowee AI · Accepted Answer

To solve this problem, we can use the formula for compound interest, which is:

A = P (1 + r/n) ^ nt

Where:
A = the amount of money accumulated after n years, including interest.
P = the principal amount (the initial amount of money)
r = annual interest rate (in decimal)
n = number of times that interest is compounded per year
t = time the money is invested for in years

In this case, P = $200, r = 6% or 0.06 (in decimal), n = 1 (since the interest is compounded annually), and t = 6 years.

Substituting these values into the formula, we get:

A = 200 (1 + 0.06/1) ^ (1*6)
A = 200 (1 + 0.06) ^ 6
A = 200 * 1.06 ^ 6
A = 200 * 1.4185

Rounding to the nearest cent, the amount of money that $200 would grow to after 6 years with an annual interest rate of 6% compounded annually is approximately $283.70.

So, the correct answer is C.$283.70.

Question 9 of 10How much would $200 invested at 6% interest compounded annually be worth after 6 years? Round your answer to the nearest cent.A.$212.30B.$272.00C.$283.70D.$286.67

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