question 16 of 21\nwilliam invested $6000 in an account that earns 5.5% interest, compounded annually. the…

question 16 of 21\nwilliam invested $6000 in an account that earns 5.5% interest, compounded annually. the formula for compound interest is $a(t)=p(1 + i)^t$.\nhow much did william have in the account after 6 years?\na. $83,203.47\nb. $8273.06\nc. $6200.74\nd. $7980

question 16 of 21\nwilliam invested $6000 in an account that earns 5.5% interest, compounded annually. the formula for compound interest is $a(t)=p(1 + i)^t$.\nhow much did william have in the account after 6 years?\na. $83,203.47\nb. $8273.06\nc. $6200.74\nd. $7980

Answer

Explanation:

Step1: Identify values

$P = 6000$, $r=0.055$, $t = 6$

Step2: Substitute into formula

$A(t)=P(1 + r)^t=6000\times(1 + 0.055)^6$

Step3: Calculate $(1 + 0.055)^6$

$(1 + 0.055)^6=1.055^6\approx1.378895$

Step4: Calculate $A(t)$

$A(t)=6000\times1.378895 = 8273.37\approx8273.06$

Answer:

B. $8273.06$