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

question 14

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 $\$ 250$ invested at an interest rate of $6 \%$ for 5 years, if the interest is compounded monthly.

• A)$334.56
• B)$1,325.00
• C)$8,246.92
• D)$337.21

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