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3 years ago

You invest $300 at 4% interest, compounded every year. What will your balance be after 5 years? (Remember, the formula is A = P(

1 + r)t.)
A. $364.65

B. $382.88

C. $365.00

D. $350.96

Mathematics

1 answer:

Stells [14]3 years ago

3 0

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\dotfill\\ P=\textit{original amount deposited}\to &\$300\\ r=rate\to 4\%\to \frac{4}{100}\to &0.04\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{every year, once} \end{array}\to &1\\ t=years\to &5 \end{cases} \\\\\\ A=300\left(1+\frac{0.04}{1}\right)^{1\cdot 5}\implies A=300(1.04)^5\implies A\approx 364.996$

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