When Katie was born her mother invested $5000 in an account for her college savings. The interest rate is 3.5% compounded annually. To represent this, we can use the formula V = 5000(1 + r)t where r represents the interest rate and t represents the time in years. How much will Katie have in her account when she turns 18?

Answers available in ...
10Take this time to do your
best on this question.
A)
$5,175 Eliminate Reactivate
B)
$7,127 Eliminate Reactivate
C)
$9,287 Eliminate Reactivate
D)
$12,472

Question

When Katie was born her mother invested $5000 in an account for her college savings. The interest rate is 3.5% compounded annually. To represent this, we can use the formula V = 5000(1 + r)t where r represents the interest rate and t represents the time in years. How much will Katie have in her account when she turns 18?  

Answers available in ...
10Take this time to do your
best on this question.  
  A)
 $5,175  Eliminate Reactivate   
  B)
 $7,127  Eliminate Reactivate   
  C)
 $9,287  Eliminate Reactivate   
   D)
 $12,472