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Chemistry Asked by a SnapAndSolve user · 21 minutes ago

of 25 Catelyn invested $7000 in an account that earns 5.6% interest, compounded annually. The formula for...

Question 1 of 25
Catelyn invested $7000 in an account that earns 5.6% interest, compounded annually. The formula for compound interest is A(t) = P(1 + r)^t.
How much did Catelyn have in the account after 4 years?
A. $8719.36
B. $8568.00
C. $10,920.00
D. $8704.70

Answer

To find the amount Catelyn had in the account after 4 years, we use the compound interest formula: A(t) = P(1 + r)^t.

  1. P is the principal amount ($7000).
  2. r is the annual interest rate (5.6% or 0.056).
  3. t is the time in years (4 years).

Substitute the values into the formula:

A(4) = 7000(1 + 0.056)^4

A(4) = 7000(1.056)^4

A(4) = 7000 * 1.24386704

A(4) ≈ $8707.07

The closest answer is D. $8704.70.

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