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ACCUPLACER
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Compound Interest
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ACCUPLACER
AAF.135 Compound Interest
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A financial planning note claims that $5,000 at 6.00% compounded monthly for 4 years will become $6,702.45. Which statement is supported by the compound-interest model?
A
No; the proposed balance is about $350.00 too high
B
No; the proposed balance is about $175.00 too low
C
No; the proposed balance is about $700.00 too high
D
Yes; simple interest gives exactly $6,702.45
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