I SERIOUSLY NEED SOME HELP!!! IN DIRE NEED!!

Eliot opens a savings account with $5,000. He deposits $50 every month into the account that compounds annually and has a 0.95% interest rate. What will his account total be in 5 years?

Question

I SERIOUSLY NEED SOME HELP!!! IN DIRE NEED!!

Eliot opens a savings account with $5,000. He deposits $50 every month into the account that compounds annually and has a 0.95% interest rate. What will his account total be in 5 years?

anonymous · Answer

Answers 
$3,057.54

$5,242.06

$5,496.85

$8,299.60

anonymous · Answer

use FVoa for the stream of $50 monthly payments, and use: FV = P(1+i/12)^60 to value the initial 5,000. Add the two together for the total FV.

anonymous · Answer

ohh okay

anonymous · Answer

there's 2 different equations to solve for this then?