Question

Five years ago Gary invested $10,000 into an account that makes 6% compounded annually. The value in the account after x years is represented by the formula V = 10,000(1.06)x. Assuming that Gary has made no deposits or withdrawals, how much money is in the account now?

A) $11,583.46
B) $12,624.77
C) $13,382.26
D) $14,185.19

Answer 1

V = 10,000*1.06⁵ ≈ 13,382.26 . . . . . . . matches C

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