If $10,500 is deposited in a compound interest account paying 2.99% interest annually, how much will be in the account after 5 years? Round your answer to the nearest cent.
A. $12166.47
B. $11766.78
C. $12156.39
D. $11236.98
The formula for compound interest is: A=P(1+r)^n where is P=principal=10,500 r=interest as a percent=2.99/100=0.0299 n=years A=10,500(1+0.0299)^5=10500*(1.0299)^%=10500*1.158=12166.47 choice A
