Karl opens a savings account with $2500. He deposits $1500 every year into the account that has a 0.75% interest rate, compounded monthly. If he doesn’t withdraw any money, what will the account balance be in 10 years?

$15,581.51

$15,571.78

$18,276.16

$18,266.43

Question

Karl opens a savings account with $2500. He deposits $1500 every year into the account that has a 0.75% interest rate, compounded monthly. If he doesn’t withdraw any money, what will the account balance be in 10 years? 

 $15,581.51 

 $15,571.78 

 $18,276.16 

 $18,266.43

anonymous · Answer

I got the answer D. 18266.43

elonasushchik · Answer

The true answer is $18,212.97 and here is the calculator to prove it: http://www.calculatorsoup.com/calculator...

anonymous · Answer

got a 404 error

elonasushchik · Answer

oh k soo all u got to do is multiply the amount by the years

anonymous · Answer

@ElonaSushchik no direct answers please

anonymous · Answer

amount meaning 2500? correct? or 1500?

elonasushchik · Answer

2500