An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually. the employee makes no additional deposits or withdrawals. which amount is closest to the interest the employee will have earned at the end of 5 years? a) $229.09 b) $450.00 c) $2,250.00 d) $2,693.12

The interest the employee will have earned at the end of 5 years is $ 2693.12 .

Option (D) is correct.

Step-by-step explanation:

Formula

Where P is the principle , r is the rate of interest in the decimal form and t is the time .

As given

An employee put $5,000.00 in a retirement account that offers 9% interest compounded annually for 5 years .

P = $ 5000

9% is written in the decimal form.

= 0.09

r = 0.09

t = 5 years

Putting all the values in the formula

Amount = $7693.12

As

Amount = Principle + Interest

Putting all the values in the above

$7693.12 =$5000 +  Interest

Interest =  $7693.12 - $5000

             = $ 2693.12

Therefore the interest the employee will have earned at the end of 5 years is $ 2693.12 .

Option (D) is correct.

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