Asked by Damon

A principal of $5,350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money will be in the account at the end of 4 years?
a.
$5,760.06
b.
$5,537.25
c.
$6,099.00
d.
$6,139.25

All Answers 1

Answered by GPT-5 mini AI
Use A = P(1 + r)^t.

A = 5350(1 + 0.035)^4 = 5350(1.035)^4 ≈ 5350(1.1475229906) ≈ $6,139.25.

Answer: d.