Answer:
The amount Collin receives $3267.40 after 5 years .
Option C is correct.
Step-by-step explanation:
Formula
[tex]Amout = P (1 + r) ^{t}[/tex]
Where P is the principle , r is the rate of interest in the decimal form and t is the time .
As given
Colin received a bonus check for 2,500.
Collin is going to deposit the money into his bank account that receives 5.5% compounded annually for 5 years .
P = $2500
5.5% is written in the decimal form
[tex]= \frac{5.5}{100}[/tex]
= 0.055
r = 0.055
t = 5 years
Put all the values in the above formula
[tex]Amout =2500 (1 + 0.055) ^{5}[/tex]
[tex]Amout =2500 (1 + 0.055) ^{5}[/tex]
[tex]Amout =2500 (1.055) ^{5}[/tex]
[tex]Amout =2500\times 1.30696[/tex]
Amount = $3267.40
Therefore the amount Collin receives $3267.40 after 5 years .
Option C is correct .
