3
QuizMultiple Choice

Investing

Question 3 • OK-Algebra II B-CR

George’s parents are saving for his college fund. They put $5,000 into an interest bearing account with a compound interest rate of 5.5%. George’s parents want to determine what the balance of his college fund account will be after 15 years. Using the formula , which is the correct substitution for the formula?

Question illustration
Answer
A
A = 5,000 (1 + 0.055) Superscript 15
Option A
B
A = 5,000 (1 + 0.055) 15
Option B
C
A = 5,000 (1 + 0.015) Superscript 5.5
Option C
D
A = (5,000 + 0.055) + 1 Superscript 15
Option D
Previous
Next