Respuesta :
Answer:
D. $115.76
Step-by-step explanation:
We will use compound interest formula to solve our given problem.
[tex]A=P(1+\frac{r}{n})^{nT}[/tex], where,
A= The final amount after T years.
P= Principal amount.
r= Interest rate in decimal form.
n= Period of compounding.
T= Time in years.
Let us convert our given interest rate in decimal form.
[tex]5\text{ percent}=\frac{5}{100}=0.05[/tex]
Now let us substitute our given values in compound interest formula.
[tex]A=100*(1+\frac{0.05}{1})^{1*3}[/tex]
[tex]A=100*(1+0.05)^{3}[/tex]
[tex]A=100*(1.05)^{3}[/tex]
[tex]A=100*1.157625[/tex]
[tex]A=115.7625\approx 115.76[/tex]
Therefore, Vincent will have $115.76 in his account after 3 years and option D is the correct choice.
