Question

When Katie was born her mother invested $5000 in an account for her college savings. The interest rate is 3.5% compounded annually. To represent this, we can use the formula V = 5000(1 + r)t where r represents the interest rate and t represents the time in years. How much will Katie have in her account when she turns 18? A) $5,175 B) $7,127 C) $9,287 D) $12,472

Answer 1

C is the answer, hope this helps.