The first answer is C. The information may be in a form that is difficult to use. And the second on is D. They must always be used with an equation.
Answer:
8,229,437 cents
Step-by-step explanation:
Using the compound interest formula;
A = P(1+r)^n
Given
Principal invested = $37700
rate r = 5% = 0.05
Time t = 16years
Substitute into the formula
A = 37700(1+0.05)^16
A = 37700(1.05)^16
A = 37700(2.1829)
A = 82,294.37
Hence the amount of money, to the nearest cent, in the account after 16 years is 8,229,437 cents
