$75,000 is invested at 5% compounded annually. find the total amount, to the nearest cent, after 5 years. $0.02 $58,033.57 $569,531.25 $95, 7521.12

For purposes of this multiple-choice question, you know the result will be more than $75,000, so the first two choices are ruled out immediately.

The doubling time of the amount is (roughly) 72/(interest rate%) = 72/5 = 14.4 years, so you know the amount will not be doubled (to $150,000) in only 5 years.

The only viable choice is the last one, $95,721.12.


A little "number sense" goes a long way on multiple-choice questions.

C. i think it is step 3