Colin received a bonus check for 2,500. he is going to deposit the money into his bank account that receives 5.5% compounded annually. what is colin's account balance after 5 years?
a. $2,637.50
b. $6,327.50
c. $3,267.40
d. none of these choices

The amount Collin receives $3267.40 after 5 years .

Option C 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

Colin received a bonus check for 2,500.

Collin is going to deposit the money into his bank account that receives 5.5% compounded annually for 5 years .

P = $2500

5.5% is written in the decimal form

= 0.055

r = 0.055

t = 5 years

Put all the values in the above formula

Amount = $3267.40

Therefore the amount Collin receives $3267.40 after 5 years .

Option C is correct .

step-by-step explanation:

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