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nirvana33 [79]
3 years ago
6

A principal of $5,350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money w

ill be in the account at the end of 4 years? a. $5,760.06 b. $5,537.25 c. $6,099.00 d. $6,139.25
Mathematics
2 answers:
neonofarm [45]3 years ago
7 0

we know that  

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

t=4\ years\\ P=\$5,350\\ r=0.035\\n=1  

substitute in the formula above  

A=5,350(1+\frac{0.035}{1})^{1*4}=\$6,139.25

therefore

<u>the answer is the option D </u>

\$6,139.25

statuscvo [17]3 years ago
5 0
The Answer is D: 6,139.25 dollars
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