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41) Gabriella invests $8,193 in a retirement
account with a fixed annual interest rate of
8% compounded 6 times per year. What
will the account balance be after 18 years?
A) $31,340.53 B) $37,085.87
C) $34,252.67 D) $40,729.29
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Respuesta :

calculista

Answer:

Option C. [tex]\$34,252.67[/tex]  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

[tex]A=P(1+\frac{r}{n})^{nt}[/tex]  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

[tex]t=18\ years\\ P=\$8,193\\ r=0.08\\n=6[/tex]  

substitute in the formula above  

[tex]A=\$8,193(1+\frac{0.08}{6})^{6*18}=\$34,252.67[/tex]  

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