Solve for x.
-Mary is investing $\$ 8000$ at an annual rate of $5.4 \%$ compounded annually. How much money will Mary have after 6 years? Use the interest formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$. Round the answer to the nearest cent.
A) $\$ 50,592.00$
B) $\$ 10,592.00$
C) $\$ 106,712.26$
D) $\$ 10,968.16$

Question

Solve for x.
-Mary is investing $\$ 8000$ at an annual rate of $5.4 \%$ compounded annually. How much money will Mary have after 6 years? Use the interest formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$. Round the answer to the nearest cent. 
A) $\$ 50,592.00$
B) $\$ 10,592.00$
C) $\$ 106,712.26$
D) $\$ 10,968.16$

Quizplus · Accepted Answer

Using the formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$, where $P = 8000$, $r = 0.054$, $n = 1$, and $t = 6$, we calculate $A = 8000 \left( 1 + \frac {0.054}{1} \right)^{1 \times 6} = 8000 \times (1.054)^6 \approx 10968.16$.

Solve for X $8000\$ 8000$8000 At an Annual Rate Of 5.4%5.4 \%5.4%

Solve for X $\$ 8000$ At an Annual Rate Of $5.4 \%$