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 $\$ 500$ , invested at an interest rate of $5 \%$ for 2 years, if the interest is compounded annually.

A) $1,050.00
B) $525.31
C) $18,000.00
D) $551.25