How much would $100,growing at 5% per year,be worth after 65 years?

Question

Quizplus · Accepted Answer

We can use the formula for compound interest: A=P*(1+r/n)^(n*t), where A is the ending amount, P is the principal (starting amount), r is the interest rate (as a decimal), n is the number of times the interest is compounded per year, and t is the time (in years). Plugging in the given values, we get A=100*(1+0.05/1)^(1*65)= $2,383.99, which is closest to option C.

How Much Would $100,growing at 5% Per Year,be Worth After