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

question 347

Multiple Choice

Solve the problem.
-Daryl borrows $3,750 at a rate of 10.5% compounded semiannually. Find how much Daryl owes at the end of 5 years. Use: $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ where:
$A =$ final amount
$P = \$ 3,750$ (the amount borrowed)
$\mathrm { r } = 10.5 \% = 0.105$ (the annual rate of interest)
$\mathrm { n } = 2$ (the number of times interest is compounded each year)
$t = 5$ (the duration of the loan in years)

• A) \(\$ 4,843.30\)
• B) \(\$ 6,880.90\)
• C) \(\$ 39,468.75\)
• D) \(\$ 6,255.36\)

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