AIR MATH

Math Question

At the beginning of year 1 , Zack invests \( \$ 700 \) at an annual compound interest rate of \( 3 \% \). He makes no deposits to or withdrawals from the account. Which explicit formula can be used to find the account's balance at the beginning of year 5 ? What is the balance? A. \( A(n)=700 \cdot(1+0.03)^{n} ; \$ 811.49 \) B. \( A(n)=700 \cdot(1+0.03)^{(n-1)} ; \$ 787.86 \) C. \( A(n)=700+(n-1)(0.03 \cdot 700) ; \$ 784.00 \) D. \( A(n)=700+(0.003 \cdot 700)^{(n-1)} ; \$ 719.45 \)

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