Colin received a bonus check for 2,500. He is going to deposit the money into his bank account that receives 5.5% compounded annually. What is Colin's account balance after 5 years?

A. $2,637.50

B. $6,327.50

C. $3,267.40

D. None of these choices

Question

30 August, 16:07

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Answers (1)

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Rhianna Hawkins · Answer 1

Amount = 2500 (1 + 0.055) ^5 = $3267.40

C

Colin received a bonus check for 2,500. He is going to deposit the money into his bank account that receives 5.5% compounded annually. What is Colin's account balance after 5 years?A. $2,637.50B. $6,327.50C. $3,267.40D. None of these choices