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Derrick wants to calculate the interest he would earn from investing $400 into an account that earns 5.5% annual compound interest for 60 months. Which of the following formulas is set up correctly to help him do this?

Respuesta :

JPalacios2007

Answer:

c

Step-by-step explanation:

The formula that should be set up correctly to help him do this should be considered as the [tex]400(1 + 5.5\%)^{60}[/tex]

Calculation of the formula:

Since

the invested amount is $400

The annual compound interest is 5.5%

And, the number of months should be 60

So here the formula that should be used should be [tex]400(1 + 5.5\%)^{60}[/tex]

Hence, The formula that should be set up correctly to help him do this should be considered as the [tex]400(1 + 5.5\%)^{60}[/tex]

Learn more about interest rate here: https://brainly.com/question/14191952

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