Answer:
B. $2862
Step-by-step explanation:
Using n=5 in the given equation, we get ...
A(5) = 2700 + (5-1)(.015·2700) = 2700 +4(40.50)
A(5) = 2862.00
In year 5, you will have $2862 in the account.
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Comment on the given equation
The given equation tells you the amount in the account at the beginning of the year, before it earns any interest. Since that is the equation given, we presume that is the answer desired. In most "account balance" problems, you are interested in the amount at the end of the interest-earning period.
