You just started a retirement fund by depositing $7,000 in an account. The annual interest rate for an account with an "early withdrawal" penalty is 5.75%. How much money will you have in your account if you leave it for 2 years?
None of the answers is correct
Use the simple interest formula
𝐴
=
𝑃
(
1
+
𝑟
⋅
𝑡
)
A=P(1+r⋅t)
Where:
𝑃
=
7000
P=7000 (principal)
𝑟
=
0.0575
r=0.0575 (annual interest rate)
𝑡
=
2
t=2 years
𝐴
=
7000
×
(
1
+
0.0575
⋅
2
)
A=7000×(1+0.0575⋅2)
𝐴
=
7000
×
(
1
+
0.115
)
A=7000×(1+0.115)
𝐴
=
7000
×
1.115
=
7
,
805.00
A=7000×1.115=7,805.00
✅ After 2 years, you will have $7,805 in your account.
But D is the closest to th answer
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1 week, 2 days ago