Nonlinear Functions

SAT Math· difficulty 3/5

$1000 is invested at 5% annual interest, compounded annually. What is the balance after 3 years?

A
$1150.00$
B
$1276.28$
C
$1215.51$
D
$1157.63$
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Explanation

1000(1.05)^3 = 1000 \cdot 1.157625 \approx \1157.63$.

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