The equation for calculating annual compound interest is:
A = P (1 + r/n)ⁿˣ
In this equation:
A = Future value
P = Initial investment amount
r = Annual interest rate
n = Frequency of interest compounding per year
x = Duration in years
A = $6,000
P = $3,000
r =?
n = 1 time
x = 6 years.
6000 = 3000 × (1 + r)⁶
6000/3000 = (1 + r)⁶
2 = (1 + r)⁶
Taking the sixth root of both sides.
1.12 = 1 + r
r = 1.12 - 1
r = 0.12
r = 12%
Answer:
An award
Explanation:
My family was aware before the news reached anyone else.
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