If you deposit $3500 in a bank account paying 6% interest and leave it there for fifteen years, how much will you have?

A) $1,460.55
B) $3,399.27
C) $8,388.10
D) $81,466.00

Question

If you deposit $3500 in a bank account paying 6% interest and leave it there for fifteen years, how much will you have?A) $1,460.55B) $3,399.27C) $8,388.10D) $81,466.00

Monica Torres · Accepted Answer

Final Answer : C, Explanation :  Using the formula for compound interest: A = P(1 + r/n)^(nt),where A is the amount of money accumulated after t years, P is the principal amount, r is the annual interest rate, n is the number of times the interest is compounded in a year, and t is the number of years.Plugging in the given values, we get:A = 3500(1 + 0.06/1)^(1*15) = $8388.10Therefore, the best choice is C.

If you deposit $3500 in a bank account paying 6% interest and leave it there for fifteen years, how much will you have?

A) $1,460.55
B) $3,399.27
C) $8,388.10
D) $81,466.00

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