At the beginning of year 1, sam invests $700 at an annual compound interest rate of 5%. he 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 4? what is the balance?
• a. a(n) = 700 ∙ (1 0.05)(n - 1); $810.34
• b. a(n) = 700 ∙ (1 0.05)7; $850.85
• c. a(n) = 700 (0.05 ∙ 700) (n- 1); $825.42
• d. a(n) = 700 (n - 1)(0.05 ∙ 700); $805.00