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25 POINTS! If $500 is deposited in an account paying 5.25% interest compounded continuously, find the amount in the account after 3 years. * A $427.14 B $555.36 C $616.84 D $585.29
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5 votes
25 POINTS!

If $500 is deposited in an account paying 5.25% interest compounded continuously, find the amount in the account after 3 years. *

A $427.14
B $555.36
C $616.84
D $585.29

User TerenceJackson
by
8.5k points

2 Answers

3 votes
5.25 divided by 100= 0.0525
500 times 0.0525=26.25
500-26.25=473.75
473.75 times 0.0525=24.87
473.75-24.87=448.88
448.88 times 0.0525=23.57
448.88-23.57=425.31

the answer could be A?
User Warunapww
by
7.6k points
4 votes

Answer:

i think it should be D.

Step-by-step explanation:

User Vimuth
by
7.0k points
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