Michael invested 5,000 in an account that has a 5.5% annual interest rate. What equation best describes investment after T years?

V = 5000 + 275*T for simple annual interest

or: A = 5000 * (1.055) ^T for an annual compound interest

Step-by-step explanation:

I assume this is a simple interest rate. If not I will give the one for compound interest.

V = 5000 + 5000 * 0.055 * T (Value of account after T years)

V = 5000 + 275*T for simple annual interest

or: A = 5000 * (1.055) ^T for an annual compound interest