Question

A principal of $700 is invested in an account at 6% per year compounded annually. What is the total amount of money in the account after 5 years?

A. $910.00
B. $920.00
C. $936.76
D. $928.84

Answer 1

\(\LARGE\color{slate}{ \displaystyle {\rm F} = {\rm P} \left( 1+\frac{r}{n}\right) ^{n \times t} }\)

```
F is the future value.
P is the principal/current amount.
n is the number of times the interest is compound per year.
r is the percent rate (but, in decimal, so if you had 3%, then you would write 0.03 )
t is the number of years of the investment.
```

Answer 2

Ok when i put this into mathway.com maybe i put it in wrong but i do not get an answer even close to the answers it gives me.

Answer 3

@SolomonZelman

Answer 4

\(\LARGE\color{slate}{ \displaystyle {\rm F} = {\rm P} \left( 1+\frac{r}{n}\right) ^{n \times t} }\)


\(\LARGE\color{slate}{ \displaystyle {\rm F} = {\rm 900} \left( 1+\frac{0.06}{1}\right) ^{1 \times 5} }\)

Answer 5

\(\LARGE\color{slate}{ \displaystyle {\rm F} = {\rm 900} \left( 1.06\right) ^{ 5} }\)

Answer 6

Ohh

Answer 7

oh, my bad

Answer 8

everything is correct, but instead of 900, it is 700

Answer 9

because you are investing 700 in the question, and not 900.

Answer 10

confused, or good ?

Answer 11

\(\LARGE\color{slate}{ \displaystyle {\rm F} = {\rm 700} \left( 1.06\right) ^{ 5} }\)

Answer 12

I think i got it.. it would be C

Answer 13

yes

Answer 14

very good!