Question

Samantha invested $660 into an account that paid 3.5% interest compounded annually. Samantha did not make any additional deposits or withdrawals

Answer 1

c

Explanation:

Here is the complete question

Samantha invested $660 into an account that paid 3.5% interest compounded annually. Samantha did not make any additional deposits or withdrawals

What is the total amount of interest paid by this investment at the end of five years?

A- $115.50

B-$783.87

C-$123.87

$2,755.50

Interst = future value - amount invested

amount invested = $660

Future value = A( 1 + r)^n

FV = Future value

P = Present value

R = interest rate

N = number of years

$660 x ( 1.035)^5 = $783.87

Interest = $783.87 - $660 = $123.87

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