Answer:
The correct answer is B. $1811.70
Step-by-step explanation:
The formula for the compound interest is given by :
[tex]\text{Compound Interest = }Principal\times (1+\frac{Rate}{100\times n})^{n\times time}[/tex]
Principal value = $1541.05
Rate = 16.29%
n = No. of times the interest is compounded in a year
⇒ n = 12
Time = 1 year
[tex]\implies\text{Compound Interest = }1541.05\times (1+\frac{16.29}{100\times 12})^{12\times 1}\\\\\implies\text{Compound Interest = }1541.05\times 1.17563\\\\\implies\bf\textbf{Compound Interest = }\$1811.70[/tex]
Hence, The correct answer is B. $1811.70
