Answer:
$10,213.34
Step-by-step explanation:
Using the compound interest formula;
A = P(1+r/n)^t
Given that;
P = $7,200
rate r = 6% = 0.06
Time t = 6years
n = 1
Substitute into the formula
A = 7200(1+0.06)^6
A = 7200(1.06)^6
A = 7200(1.4185)
A = 10,213.34
Hence the final amount is $10,213.34
