How much would $200 invested at 6% interest compounded annually be worth after 5 years? round your answer to the nearest cent. a. $269.97 b. $260.00 c. $212.29 d. $267.65

Exponential growth, which acts just like a geometric sequence equation, is of the form:

f=ir^t, f=final amount, i=initial amount, r=common ratio (or "rate"), t=times rate is applied, in this case:

f=200(1.06^t) so

f(5)=200(1.06^5)

f(5)≈$267.65  (to nearest cent)