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Vanessa plans to invest $10,000 for 5 ye...

Vanessa plans to invest $10,000 for 5 years at an annual intersect rate of 6% compounded annually. Which equation could be used to determine the profit, P, Vanessa earns from her initial investment?

A

`P=10,000times(0.6)^(5)`

B

`P=10,000times[(1.06)^(5)-1)]`

C

`P=10,000times[(1.06)^(5)+1]`

D

`P=10,000times[5(1.06)-1]`

Text Solution

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The correct Answer is:
B
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