Question

Will fan and medal to whoever can check my work.
A $4000.00 principal earns 5% interest compounded annually. After four years what is the balance in the account?
A. $500,000.00
B. $4,862.03
C. $4,600.00
D. $20,250.00
I think it's C

Answer 1

wrong

Answer 2

Can you please explain?

Answer 3

\[\large\rm Amount = Principal*(1+\frac{rate}{100})^{number~of~years}\]

Answer 4

So B?

Answer 5

Yes

Answer 6

Thank you so much!!