select the correct answer. calculate the compound amount. round to the nearest cent for. p = $1700, r = 9%…

Explanation:

Step1: Identify the compound - interest formula

The compound - interest formula when compounded $n$ times a year is $A = P(1+\frac{r}{n})^{nt}$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), $n$ is the number of times compounded per year, and $t$ is the number of years. Here, $P = 1700$, $r=0.09$ (since $9%=0.09$), $n = 365$ (compounded daily), and $t = 5$.

Step2: Substitute the values into the formula

$A=1700(1 +\frac{0.09}{365})^{365\times5}$ First, calculate the value inside the parentheses: $\frac{0.09}{365}\approx0.000246575$. Then $1+\frac{0.09}{365}=1 + 0.000246575=1.000246575$. Next, calculate the exponent: $365\times5 = 1825$. So, $A = 1700\times(1.000246575)^{1825}$.

Step3: Calculate $(1.000246575)^{1825}$

Using a calculator, $(1.000246575)^{1825}\approx1.568223$.

Step4: Calculate the compound amount $A$

$A=1700\times1.568223 = 2665.9791\approx2665.98$.

Answer:

D. $2665.98$