Noah deposits $40 monthly into an account earning 5% interest compounded monthly. He used the compound interest formula A=P×(1+(r)/(n))^nt to calculate the interest he will earn after 5 years. His work is shown: A=40×(1+(0.05)/(4))^4×5 What mistake did Noah make?
Answer
A
He formatted the interest rate incorrectly.
B
He input an incorrect length of time for the investment.
C
He placed the periodic deposit in the wrong place.