Matthew invested $5000 in an account that earns 3.8% interest, compounded annually. the formula for compound interest is a(t) = p(1 + i)t. how much did matthew have in the account after 3 years? a. $6900.00 b. $5594.37 c. $5570.00 d. $5591.93

D. $5591.93.

Step-by-step explanation:

We have been given that Matthew invested $5000 in an account that earns 3.8% interest, compounded annually.

We will use compound interest formula to solve our given problem.

, where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.

Let us convert our given interest rate in decimal form.

Upon substituting our given values in above formula we will get,

Therefore, Matthew will have an amount of $5591.93 is his account after 3 years and option D is the correct choice.

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