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20 May, 19:39

If $5000 is invested at an interest rate of 3.396 compounded monthly for 10 years, what would be the balance in the account

if it is left untouched. Round your answer to the nearest cent.

A. $6.917.88

B. $6,951.69

C. $5,139.21

D. $246,041.63

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Answers (1)
  1. 20 May, 22:33
    0
    Answer: D

    Step-by-step explanation:

    Months = 12 x 10 = 120months

    100%+3.396%=103.396% / 100 = 1.03396

    5000 X (1.03396) ^120 = 275054.36
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