If you deposit $3500 in a bank account paying 6% interest and leave it there for fifteen years, how much will you have?
A)$1,460.55
B)$3,399.27
C)$8,388.10
D)$81,466.00

Question

Quizplus · Accepted Answer

Using the formula for compound interest: A = P(1 + r/n)^(nt), 
where A is the amount of money accumulated after t years, P is the principal amount, r is the annual interest rate, n is the number of times the interest is compounded in a year, and t is the number of years. 
Plugging in the given values, we get: 
A = 3500(1 + 0.06/1)^(1*15) = $8388.10
Therefore, the best choice is C.

If You Deposit $3500 in a Bank Account Paying 6