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Approximate the Number Using a Calculator S=A((1+r)t+11r)S = A \left( \frac { ( 1 + r ) ^ { t + 1 } - 1 } { r } \right)

Question 70

Multiple Choice

Approximate the number using a calculator. Round your answer to three decimal places.
-The formula S=A((1+r) t+11r) S = A \left( \frac { ( 1 + r ) ^ { t + 1 } - 1 } { r } \right) models the value of a retirement account, where A=A = the number of dollars added to the retirement account each year, r=\mathrm { r } = the annual interest rate, and S=\mathrm { S } = the value of the retirement account after t years. If the interest rate is 6%6 \% , how much will the account be worth after 15 years if $400\$ 400 is added each year? Round to the nearest whole number.


A) $10,269\$ 10,269
B) $999\$ 999
C) $6400\$ 6400
D) $15,338\$ 15,338

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