3 Allen opens a retirement savings account with an Initial deposit of $5,000. He makes annual contributions to the account, and at the end of 5 years the account has grown to $8,65o. Beginning Balance Interest Ending Earned Balance Contributions $0 $5,000 $500 $500 $500 $500 $8,650 Which best describes Allen's investment? A Allen invests in a retirement savings account that earns 5.5% interest compounded annually. B Allen invests in a retirement savings account that earns 3% simple interest. C Allen invests in a retirement savings account that earns 2.75% interest compounded annually. D Allen invests in a retirement savings account that earns 5.5% simple interest.
3 Allen opens a retirement savings account with an Initial deposit of $5,000. He makes annual contributions to the account, and at the end of 5 years the account has grown to $8,65o. Beginning Balance Interest Ending Earned Balance Contributions $0 $5,000 $500 $500 $500 $500 $8,650 Which best describes Allen's investment? A Allen invests in a retirement savings account that earns 5.5% interest compounded annually. B Allen invests in a retirement savings account that earns 3% simple interest. C Allen invests in a retirement savings account that earns 2.75% interest compounded annually. D Allen invests in a retirement savings account that earns 5.5% simple interest.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 56E
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