Answer:
The sum of money that will grow in 6 years at 6% is $ 2864.08
Step-by-step explanation:
Given as :
The principal amount = $ 2000
The time period = 6 years
The rate of interest compounded monthly = 6 %
Let The amount after 6 years = A
From compounded method
Amount = Principal × [tex](1+\frac{\textrm Rate}{12\times 100})^{12\times Time}[/tex]
Or, A = $ 2000 × [tex](1+\frac{\textrm 6}{12\times 100})^{12\times 6}[/tex]
Or, A = $ 2000 × [tex](1.005)^{72}[/tex]
Or, A = $ 2000 × 1.43204
∴ A = $ 2864.08
Hence The sum of money that will grow in 6 years at 6% is $ 2864.08 Answer
