At the beginning of year 1, lisa invests $500 at an annual compound interest
rate of 3%. she makes no deposits to or withdrawals from the account.
which explicit formula can be used to find the account's balance at the
beginning of year 6? what is the balance?
o a. a(n) = 500 (1 + 0.03)(n = 1); $579.64
o b. a(n) = 500 + (0.03+500) -1); $584.50
o c. a(n) = 500 + (n - 1)(0.03 . 500); $575.00
o d. a(n) = 500 - (1 +0.03), $597.03

the actual answer is a(n)= 500 * ( 1 + 0.03) ^(n - 1) ;$579.64

Step-by-step explanation:

The solution to this exercise has been attached below. The problem has been solved in this way:

1. Different forms of linear equations. Point slope-intercept equation of the line that passes through two points.2. Inverse Function. 3. Average Rate of Change.4. Comparison of linear equations and inequalities5. Real-life problems6. Imaginary Number7. Radicals8. Rational exponent and radical form9. Radical expressions10. Quadratic equation11. Trinomial12. Factoring expressions13. Quadratic and linear graph14. A problem of height