How Much Would Roderick Have After 6 Years If He

question 7

Multiple Choice

How much would Roderick have after 6 years if he has $500 now and leaves it invested at 5.5% with annual compounding?

• A) $591.09
• B) $622.20
• C) $654.95
• D) $689.42
• E) $723.89

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Definitions:

Simplify

To make an expression less complex by combining like terms and executing arithmetic operations where possible.

Fraction

A numerical quantity that represents a part of a whole, typically in the form of a numerator divided by a denominator.

Exponent

A number that indicates how many times a base is multiplied by itself.

Fraction

A mathematical expression representing the division of one quantity by another, noted by a numerator divided by a denominator.