question 5,500 dollars is placed in a savings account with an annual interest rate of 2%. if no money is…

question 5,500 dollars is placed in a savings account with an annual interest rate of 2%. if no money is added or removed from the account, which equation represents how much will be in the account after 3 years? answer o m = 5,500(1 + 0.02) o m = 5,500(1 - 0.02)^3 o m = 5,500(0.98)^3 o m = 5,500(1.02)(1.02)(1.02)

question 5,500 dollars is placed in a savings account with an annual interest rate of 2%. if no money is added or removed from the account, which equation represents how much will be in the account after 3 years? answer o m = 5,500(1 + 0.02) o m = 5,500(1 - 0.02)^3 o m = 5,500(0.98)^3 o m = 5,500(1.02)(1.02)(1.02)

Answer

Explanation:

Step1: Recall compound - interest formula

The formula for compound interest when compounded annually is $M = P(1 + r)^t$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the number of years. Here, $P = 5500$, $r=0.02$, and $t = 3$.

Step2: Substitute values into formula

Substituting the values, we get $M=5500(1 + 0.02)^3$. Since $(1 + 0.02)^3=(1.02)(1.02)(1.02)$, the equation is $M = 5500(1.02)(1.02)(1.02)$.

Answer:

D. $M = 5,500(1.02)(1.02)(1.02)$