Question 9 of 25 At the beginning of year 1, Carlos invests $600 at an annual compound
interest rate of 4%. He makes no deposits to or withdrawals from the
account.
Which explicit formula can be used to find the account's balance at the
beginning of year 5? What is the balance?
A. A(n) = 600 + (0.04.600)(n-1); $684.52
Ο Ο Ο Ο
B. A(n) = 600 • (1 + 0.04)(n − 1); $701.92
O C. A(n) = 600 + (n - 1)(0.04.600); $696.00
O D. A(n) = 600. (1 + 0.04)"; $729.99
SUBMIT