The formula required to answer this is:
where A is the amount of the principal P after n compounding periods per year at r interest rate (as a decimal fraction).
Plugging in the given values, we get:
Rounding to the nearest dollar, we get $662.00. Therefore a is the best answer choice.
where A is the amount of the principal P after n compounding periods per year at r interest rate (as a decimal fraction).
Plugging in the given values, we get:
Rounding to the nearest dollar, we get $662.00. Therefore a is the best answer choice.
