If Arnold were to leave his money in the account until he was 68,by approximately what amount would the balance increase between his 62nd and 68th years?
A)$113,667
B)$1,096,471
C)$160,457
D)$1,973

Question

Quizplus · Accepted Answer

The question likely refers to a scenario involving compound interest, where Arnold's account balance grows over time due to interest being added to the principal amount. The correct choice, A, suggests a specific amount by which Arnold's account balance would increase over a 6-year period, from age 62 to 68. This choice is identified as correct based on the information provided, which implies calculations related to interest growth over time, leading to an increase in the account balance by approximately $113,667.

If Arnold Were to Leave His Money in the Account