If $900 Is Deposited in a Savings Account That Pays $6 \frac { 1 } { 4 }$

question 5

Multiple Choice

If $900 is deposited in a savings account that pays interest at a rate of $6 \frac { 1 } { 4 }$ % per year compounded continuously, find the balance after 7 years.

• A) $1,418.56
• B) $581.08
• C) $1,369.77
• D) $1,393.95
• E) $3,484.87