Question

William deposited $5,375 into an account that earns

6.2% interest compounded annually. Assuming he
makes no other deposits or withdrawals, which of the
following is the closest to the value of his account after
36 months?
A. $6,438.02
B. $46,866.34
C. $11,813.02
D. $1,063.02

Answer 1

A

Explanation:

Compound interest is p (1+r)^T

5,375(1+0.062)^3 = 6,438.02

You have to convert the months into years.

Answer 2

I'm pretty sure its D if not I'm sry