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If $10,500 is deposited in a compound interest account paying 2.99% interest annually, how much will be in the account after 5 years? Round your answer to the nearest cent. A. $12166.47 B. $11766.78 C.
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If $10,500 is deposited in a compound interest account paying 2.99% interest annually, how much will be in the account after 5 years? Round your answer to the nearest cent.

A. $12166.47
B. $11766.78
C. $12156.39
D. $11236.98

User Boboyum
by
8.3k points

1 Answer

1 vote
The formula for compound interest is:
A=P(1+r)^n
where is
P=principal=10,500
r=interest as a percent=2.99/100=0.0299
n=years
A=10,500(1+0.0299)^5=10500*(1.0299)^%=10500*1.158=12166.47
choice A
User Northpole
by
8.2k points
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