What is the resulting balance if $5700 is invested for 6 years at an annual rate of 7% compounded monthly?
A) $\$$ 5902.43
B) $\$$ 5936.86
C) $\$$ 8094.00
D) $\$$ 8664.60
E) $\$$ 11,811.92

Question

Quizplus · Accepted Answer

The formula for compound interest is $ A = P \left(1 + \frac{r}{n}\right)^{nt} $. Here, $ P = 5700 $, $ r = 0.07 $, $ n = 12 $, and $ t = 6 $. Plugging in these values, the balance is approximately $\$8664.60$.

What Is the Resulting Balance If $5700 Is Invested for 6