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lswimstar

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

  • 11 months ago
  • 11 months ago

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  1. primeralph
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    |dw:1368758235932:dw|

    • 11 months ago
  2. primeralph
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    just plug in 10.

    • 11 months ago
  3. lswimstar
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    Are you raising the 50 to the 120th power? or is it 500+50(12*10)

    • 11 months ago
  4. primeralph
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    not raised. Just multiplied.

    • 11 months ago
  5. lswimstar
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    Okay and is that (1*.0095) or (1.0095)

    • 11 months ago
  6. lswimstar
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    I got 7144.58 using (1.0095). what answer did you get?

    • 11 months ago
  7. lswimstar
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    Hello? Are you still here?

    • 11 months ago
  8. primeralph
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    yeah, I got the same thing, but I'm trying to figure out the problem.

    • 11 months ago
  9. lswimstar
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    Oh okay well, if you would like I could give you formulas that are in the chapter. They just didn't work.

    • 11 months ago
  10. primeralph
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    is this an exam?

    • 11 months ago
  11. lswimstar
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    It's a question from an exam. It's the last one and I can't figure out for the life of me what I am doing wrong.

    • 11 months ago
  12. lswimstar
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    Do you do FLVS?

    • 11 months ago
  13. primeralph
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    what is FLVS? I think the answers are wrong.

    • 11 months ago
  14. primeralph
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    *the options

    • 11 months ago
  15. lswimstar
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    It's online high school

    • 11 months ago
  16. lswimstar
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    Yah I think so too sometimes, but then I am shown that I did something wrong

    • 11 months ago
  17. primeralph
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    did you ever do compound interest?

    • 11 months ago
  18. lswimstar
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    Yes

    • 11 months ago
  19. primeralph
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    I still think the answer isn't in the options......

    • 11 months ago
  20. lswimstar
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    Yah I know what you mean I've tried all the formulas, but they are too far off

    • 11 months ago
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spraguer (Moderator)
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