In this case, we'll have to carry out several steps to find the solution.
Step 01:
Data:
principal = $6000
rate (interest) = 5.5%
time = 6 years
Step 02:
compound interest:
n = annually
n = 1
r = 5.5 % = 5.5 / 100 = 0.055
A = amount
[tex]A\text{ = P \lparen1 + r/n\rparen}^{nt}[/tex][tex]A\text{ = 6000 * \lparen1 + }\frac{0.055}{1})\placeholder{⬚}^{1*6}[/tex][tex]A\text{ = 6000 * \lparen1.3877\rparen = 8273.06}[/tex]The answer is:
$8273.06
