Julianne wants to take a trip around the world. She plans to deposit $175 at the beginning of each month into an investment with a 3.25% interest rate, compounded monthly. How much will she have in the account after 12 years?

$30,770.00

$30,853.33

$533,286.11

$550,617.91

Question

Julianne wants to take a trip around the world. She plans to deposit $175 at the beginning of each month into an investment with a 3.25% interest rate, compounded monthly. How much will she have in the account after 12 years?

 $30,770.00

 $30,853.33

 $533,286.11

 $550,617.91

anonymous · Answer

i keep doing the calculations and im not coming up with any of the ANSWERS please help somebody

anonymous · Answer

the formula for compound interest is : 
I=P(1+r/4)4n−P
where P is the principal amount,
n= time period in years and r= rate of interest.

destinymasha · Answer

it could be ....68.25

destinymasha · Answer

I x R x P

campbell_st · Answer

When the annuity is paid at the beginning of the period the formula is 

$$A = \frac{M[(1 + r)^n -1]}{r} \times (1 + r)$$

in your question M = 175, r = 0.0325 and n = 144

substitute and evaluate for the answer.

anonymous. · Answer

Its $550,617.91 http://www.wolframalpha.com/input/?i=A%3D175%5B%281%2B0.0325%29%5E144-1%5D%2F0.0325+*+%281%2B0.0325%29

anonymous · Answer

$550,617.91 is not the right answer