Question

Suppose $800 is invested into an account that pays 3.5% interest, compounded annually. What is the balance in the account after 5 years?

A.
$560.00

B.
$950.15

C.
$1142.86

D.
$2800.00

Answer 1

$800 3.5 interest 5 years
Total = Principal * (1+r)^years
Total = 800 * (1.035)^5
Total = 800 * 1.1876863056
Total = ?????

Answer 2

950.15 dollars

Answer 3

yes!