Nonlinear Functions

SAT Math· difficulty 4/5

\2000$ is invested at 6% annual interest, compounded quarterly. Which expression gives the balance after 5 years?

A
$2000(1.015)^{20}$
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B
$2000(1.24)^5$
C
$2000(1.06)^5$
D
$2000(1.06)^{20}$

Explanation

0.06/4 = 0.015

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