Answer:
$20298.90 (to the nearest cent)
Step-by-step explanation:
1) Convert your percentage of interest into a decimal. In your example, 3% would be equal to 0.03.
2) Add 1 to the answer from the previous step. In your case, 0.03 + 1 = 1.03.
3) Raise the answer from the previous step to the power of the amount of years. For example, yours would be 1.03^6, or roughly 1.15.
4) Multiply the original investment by the answer from the previous step.
I hope this helps!
