l How much is 6000 worth after 4.5 Annuallys using an annual interest ra
<-- Start Balance
<-- # of periods
<-- Interest rate
              

Answer
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A = 6,853.60

↓Steps Explained:↓



How much is 6000 worth after 4.5 years

using an annual interest rate of 3%
compounded annually?

Calculate Accumulated Balance

A = B(1 + i)n
where A = accumulated balance
B = opening balance
i = Annually interest rate
and n = number of periods

Plugging in our values

A = 6,853.60

A = 6000(1.03)4.5

A = 6000(1.1422666868246)

How much interest was earned?

Interest Earned = Accum. Value - Start Balance

Plug in our values

Interest Earned = 6,853.60 - 0.00

Interest Earned = 6,853.60

6853.6

Final Answer

A = 6,853.60


Related Calculators:  Rule of 72  |  Effective Annual Yield Rate  |  Approximations of Interest Rate
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