Question

How much did ann have in the account after 5 years?

Answer 1

Explanation

We are given the following:

`\begin{gathered} P=\text{ \$}9000 \\ i=4.7\%=0.047 \\ t=5years \end{gathered}`

We are required to determine the amount Ann has in the account after 5 years.

We are given that the amount is:

`A(t)=P(1+i)^t`

Therefore, we have:

`\begin{gathered} A(5)=9000(1+0.047)^5 \\ A(5)=9000(1.047)^5 \\ A(5)\approx\text{ \$}11323.38 \end{gathered}`

Hence, the answer is:

`\text{\$}11,323.38`

Option D is correct.