Question

Sten invests $3200 in an account earning 2% interest, compounded annually.

The equation that represents this scenario is:
A(n) = 3200(1+0.02)"-1
How much will he have in the account in year 5? Round your answer to the
nearest dollar.
OA. $3533
OB. $6636
OC. $13,056
OD. $3464

Answer 1

A. $3,533

Explanation:

`3200( {1.02}^(5) ) = 3533.06`