Solve the Problem $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$

question 359

Multiple Choice

Solve the problem.
-Find the amount in a savings account at the end of 7 years if the amount originally deposited is $3,000 and the interest rate is 5.5% compounded quarterly. Use: $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ where:
$\mathrm { A } =$ final amount
$\mathrm { P } = \$ 3,000$ (the initial deposit)
$\mathrm { r } = 5.5 \% = 0.055$ (the annual rate of interest)
$\mathrm { n } = 4$ (the number of times interest is compounded each year)
$t = 7$ (the duration of the deposit in years)

• A) \(\$ 85,155.00\)
• B) \(\$ 4,397.29\)
• C) \(\$ 3,300.94\)
• D) \(\$ 4,837.02\)

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Definitions:

Coronary Arteries

Arteries that supply blood to the heart muscle itself, essential for providing the heart with oxygen-rich blood.

Right

Generally refers to the direction or side opposite of left, but in medical or anatomical contexts, it specifies the side of the organism's body which is to the east when facing north.

Left

The side or direction that is on the opposite of right, often associated with the westward cardinal direction when facing north.

Brachiocephalic Veins

Major veins that return oxygen-depleted blood from the upper limbs, neck, and head to the heart.