xavierbrotherton
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$485 is deposited into a savings account that earns 3.25% compound interest for 6 years. How much is in the account at the end of 6 years?

A. 587.60
B. 579.58
C. 94.58
D. 102.60

Respuesta :

kudzordzifrancis

Answer:

A. 587.60

Step-by-step explanation:

Use the formula:

[tex]A=P(1+r\%)^t[/tex]

where P=$485

[tex]r=3.25\%=0.0325[/tex]

and

t=6 years.

We substitute the values into the formula to get:

[tex]A=485(1+0.0325)^6[/tex]

This simplifies to:

[tex]A=485(1.0325)^6[/tex]

[tex]A=587.60[/tex]

The correct choice is A

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