Write down the compound interest formula and substitute the given values.
This chemistry question involves key chemical concepts and calculations. The detailed solution below walks through each step, from identifying the reaction type to computing the final answer.
ScanSolve AI Answer
Step 1: Write down the compound interest formula and substitute the given values.
The formula for compound interest is $A = P(1 + \frac{r}{100})^{t}$, where:
• $A$ is the final amount.
• $P$ is the principal amount.
• $r$ is the annual interest rate as a percentage.
• $t$ is the time in years.
Given:
• $P = \$500$
• $A = \$559.78$
• $t = 6$ years
Substitute these values into the formula:
$$ 559.78 = 500 \left(1 + \frac{r}{100}\right)^{6}
