Question

For the investment with interest compounded annually, find the final balance using the formula A = P(1 + r)t.

$600 for 4 years at 5%

A.
$120

B.
$129.30

C.
$720

D.
$729.30

Answer 1

720

Answer 2

A = P(1 + r) t
P = 600
r = 0.05
t = 4
now we sub
A = 600(1 + 0.05)^4
A = 600(1.05^4)
A = 600 (1.2)
A = 720

1645323 is correct....answer is 720