Julio invests $6,100 into an account that earns 5.2% annual compound interest. If Julio makes no additional deposits or withdraw
als, which best represents the amount of interest Julio will earn after 8 years?
A $15,250.73
B $2,120.73
C $3050.73
D $9150.73
1 answer:
D) $9150.73
Step-by-step explanation:
Simple compound irate =
principal*growth rate^years
or
V(t) = p*g^t
Where g = 100% + the given growth rate,
in this case, 5.2%
So,
V(8) = 6,100*1.052^8
V(8) = 9150.73
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