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Question

anonymous · Answer

Kennedy opens a savings account with $500. He deposits $50 every month into the account that has a 0.95% interest rate, compounded annually. If he doesn't withdraw any money, what will the account balance be in 10 years?

$6,263.11
	$6,322.61
	$6,812.69
	$6,872.19

anonymous · Answer

@Jhane24 Please help

anonymous · Answer

He deposits $50 every month into the account that has a 0.95% interest rate, compounded annually
=>
He deposits $600 every year into the account that has a 0.95% interest rate, compounded annually

anonymous · Answer

Are you sure that what is written is 0.95%? If yes, then it would mean 0.0095.

anonymous · Answer

So just use the regular compound intrest formula: A=P(1+i)^nt   and then just add the extra 500 he put in at the beginning??

anonymous · Answer

Now, you're learning.'