Please help??

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 doesnt withdraw any money, what will the account balance be in 10 years?

$6,263.11
$6,322.61
$6,812.69
$6,872.19

Question

Please help??

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 doesnt 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

If he adds at a 0.95% interest rate then it would be 0.0095. 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

That doesnt give me one of my answer choices tho. i get $555... (rounded up) @shelbygt520