Chanelle deposits $7500 into the bank. She does not withdraw or deposit money for 6 years. She earns 6% interest during that time. How much interest will she have earned at the end of 6 years?

The balance after 6 years will be $10638.90

Step-by-step explanation:

in year 0, she had $7,500, and the interest is 6% (or 0.06 in decimal form) per year.

Then the amount of money in the bank can be described by the equation

M(y) = $7500*(1 + 0.06)^y

Where y is the number of years that passed. This equation says that the total amount of money increases by a factor of 1.06 each year.

We know that she can withdraw after 6 years, so we have y = 6

M(6) = $7500*(0.06)^6 = $10638.90

The balance after 6 years will be $10638.90

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step-by-step explanation: