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If $600\$ 600 Is Invested At 4%4 \% Interest, Compounded Annually, Then After

Question 25

Multiple Choice

If $600\$ 600 is invested at 4%4 \% interest, compounded annually, then after nn years the investment is worth an=600(1.04) na _ { n } = 600 ( 1.04 ) ^ { n } dollars. Find the size of investment after 7 years.


A) $430.21\$ 430.21
B) $1,860.81\$ 1,860.81
C) $1,230.81\$ 1,230.81
D) $789.56\$ 789.56
E) $1,321.06\$ 1,321.06

Correct Answer:

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