If \(\$1000\) was invested at an annual interest rate of \(5.6\%\) compounded annually, which of the following represent

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If \(\$1000\) was invested at an annual interest rate of \(5.6\%\) compounded annually, which of the following represents the amount the investment was worth after \(3\) years?

A. \(1000(1.056)(3)\)

B. \(1000(3+1.056)\)

C. \(1000(1+3(0.056))\)

D. \(1000(1+(0.056)^3)\)

E. \(1000(1.056)^3\)

Answer: E

Source: GMAT Prep