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

This topic has expert replies
Legendary Member
Posts: 2276
Joined: Sat Oct 14, 2017 6:10 am
Followed by:3 members

Timer

00:00

Your Answer

A

B

C

D

E

Global Stats

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