Karen opens a savings account with $1500. She deposits $100 every month into the account that has a 0.85% interest rate, compounded annually. If she doesn’t withdraw any money, what will the account balance be in 10 years?

Question

anonymous · Answer

I used a financial calculator and got $14,162.03 but that isn't one of my answer choices

anonymous · Answer

this may take me a little bit of time

anonymous · Answer

No problem

anonymous · Answer

the formula is A = P (1 + r/n) ^ (nt)
P=pricipal amount($15000)
r=rate(.85%)
n= 1
t=10

anonymous · Answer

answer: $14,159.39

anonymous · Answer

That's the compound interest formula, I'm doing future value and my answer choices are :
 $14,102.05

 $14,208.04

 $12,575.55

 $12,469.56

anonymous · Answer

WTF?
i SAY GO A.

anonymous · Answer

Lol that's what I chose. Thank you

anonymous · Answer

ur welcome fallen angel