Torren deposits $4500 in an account earning 2% interest, compounded annually. The equation that represents this situation is

A (n) = 4500 (1+0.02) ^n-1

How much will he have in the account at the beginning of year 7? Round your answer to the nearest dollar.

A. $13,437

B. $27,540

C. $5,169

D. $5.068

Question

Mathematics

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21 April, 14:41

Torren deposits $4500 in an account earning 2% interest, compounded annually. The equation that represents this situation is

A (n) = 4500 (1+0.02) ^n-1

How much will he have in the account at the beginning of year 7? Round your answer to the nearest dollar.

A. $13,437

B. $27,540

C. $5,169

D. $5.068

+4

Answers (1)

Know the Answer?

Javon Jimenez · Answer 1

Answer: D

Step-by-step explanation: Replace the N in the equation given with a 7 and solve. This gives you 4500 (1.02) ^6. SOLVE THE POWER FIRST. 1.02 to the 6th power is 1.126 ... multiply by 4500 and you get 5,067.7, which is D when rounded.

Torren deposits $4500 in an account earning 2% interest, compounded annually. The equation that represents this situation isA (n) = 4500 (1+0.02) ^n-1How much will he have in the account at the beginning of year 7? Round your answer to the nearest dollar.A. $13,437B. $27,540C. $5,169D. $5.068