Mathematics, 24.07.2020 09:01 laina9939
At the beginning of year 1, Zack invests $700 at an annual compound interest
rate of 3%. He makes no deposits to or withdrawals from the account.
Which explicit formula can be used to find the account's balance at the beginning of year 5? What is the balance?
A. A(n) = 700 + (n - 1)(0.03 • 700); $784.00
B. A(n) = 700 + (0.003 • 700)^(n - 1); $719.45
C. A(n) = 700 • (1 + 0.03)^(n - 1); $787.86
D. A(n) = 700 • (1 + 0.03)^n; $811.49
Answers: 2
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At the beginning of year 1, Zack invests $700 at an annual compound interest
rate of 3%. He makes n...
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