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

question 206

Multiple Choice

Solve the problem.
-The formula $S = A \left( \frac { ( 1 + r ) ^ { t } + 1 - 1 } { r } \right)$ models the value of a retirement account, where $A =$ the number of dollars added to the retirement account each year, $\mathrm { r } =$ the annual interest rate, and $\mathrm { S } =$ the value of the retirement account after t years. If the interest rate is $7 \%$ , how much will the account be worth after 15 years if $\$ 800$ is added each year? Round to the nearest whole number.

• A) \(\$ 22,310\)
• B) \(\$ 2347\)
• C) \(\$ 12,800\)
• D) \(\$ 35,316\)