Step-by-step explanation:
step 1. let's call the amount of money A, the initial amount P, the yearly rate r, the number of compounds per year n.
step 2. A = P(1 + r/n)^(nt)
step 3. A = 1600(1 + .03/12)^((12)(5)
step 4. A = 1600(1.0025)^(60)
step 5. A = $1858.59
8,500,000
Round the number 4 to 5 because the number 7 is behind it.
Answer:
0.03259..
Step-by-step explanation:
The correct answer is C. One
