Stephen invests in an account that pays 3% compound interest annually. He invests $5,500. He uses the expression P(1+r)t to find the total value of the account.

What will be the total value of the account after 6 years?



$6,567.29 because 5,500(1+0.03)6=6,567.29



$1,886,500 because 5,500(1+6)3=1,886,500



$22,528,000 because 5,500(1+3)6=22,528,000



$5,830.63 because 5,500(1+6)0.03=5,830.6