The approximate value of the account after 2.5 years is $6,778.
Option d is correct.
Compound Interest:
The amount is given by,
[tex]A=P(1+\frac{r}{100} )^{n}[/tex]
Where P is Principle, r is rate of interest and n is time.
Given that, P=6000, r = 5% and t= 2.5 years
Substitute values in above formula.
[tex]A=6000(1+\frac{5}{100} )^{2.5}\\ \\A=6000*(\frac{21}{20} )^{2.5}\\ \\A=6778[/tex]
The approximate value of the account after 2.5 years is $6,778.
Learn more about the Compound interest here:
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