At the beginning of year 1, amada invests $800 at an annual compound interest rate of 5%. she 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(n) = 800 • (1 + 0.05)(n – 1); $972.41 b. a(n) = 800 + (n – 1)(0.05 • 800); $960.00 c. a(n) = 800 • (1 + 0.05)n; $1021.03 d. a(n) = 800 + (0.005 • 800)(n – 1); $1056.00

Step-by-step explanation:

Principal = $800

Rate of interest = 5% = 0.05

Since we are given that At the beginning of year 1, Amada invests $800 at an annual compound interest rate of 5%.

Formula :

A is the amount

P is the principal

r = rate of interest in decimal

n = times period

Since we are given that we need to find the amount at the beginning of year 5

So, we need to replace n with n-1

So, formula becomes :

Substitute the values

Hence Option A is correct.

Thus explicit formula can be used to find the account’s balance at the beginning of year 5 is  

Balance at the beginning of year 5 is $972.41

hope this !