Use the Compound Amount Formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$

Multiple Choice

Use the compound amount formula $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ to find the accumulated amount on an investment of $\$ 250$ invested at an interest rate of $6 \%$ for 5 years, if the interest is compounded monthly.

A) $334.56
B) $1,325.00
C) $8,246.92
D) $337.21