C=£9+50f
Please let me know if it’s correct also please mark brainliest please.
Answer: C. $5,470
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $5000
r = 1.8% = 1.8/100 = 0.018
n = 4 because it was compounded 3 times in a year(12/4 = 3 times)
t = 5 years
Therefore,
A = 5000(1 + 0.018/4)^4 × 5
A = 5000(1 + 0.0045)^20
A = 5000(1.0045)^20
A = $5470 to the nearest whole number
