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Daniel got a life insurance check of $5875 after the death of a close relative. He deposited it into a savings account at 1.7 percent interest for five years. What was the total amount of money in the
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Daniel got a life insurance check of $5875 after the death of a close relative. He deposited it into a savings account at 1.7 percent interest for five years. What was the total amount of money in the account after five years?

A. $6462.50

B. $6433.13

C. $6374.38

D. $6315.63

User AndyN
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2 Answers

5 votes
The correct answer would be C
User Thilina Rubasingha
by
8.6k points
6 votes
The formula is
A=p (1+rt)
A future value?
P present value 5875
R interest rate 0.017
T time 5years
A=5,875×(1+0.017×5)
A=6,374.38

So the answer is c

Hope it helps!
User Sherwood Callaway
by
8.9k points
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