7
QuizMultiple Choice

Recursive Formulas

Question 7 • LCSD-CR-Mathematics for College Algebra-S2-1200710

Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. Assuming no more deposits and no withdrawals are made, how much money is in the account after 4 years?Compound interest formula:t = years since initial depositn = number of times compounded per yearr = annual interest rate (as a decimal)P = initial (principal) investmentV(t) = value of investment after t years

Question illustration
Answer
A
$6,360.00
B
$6,370.78
C
$7,180.89
D
$10,892.13
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Isabel deposits $6,000 into an account that…