Use the Compound Amount Formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$

question 1

Multiple Choice

Use the compound amount formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ to find the accumulated amount on an investment of $\$ 500$ , invested at an interest rate of $5 \%$ for 2 years, if the interest is compounded annually.

• A)$1,050.00
• B)$525.31
• C)$18,000.00
• D)$551.25

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