## lswimstar 2 years ago 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

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1. primeralph

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2. primeralph

just plug in 10.

Are you raising the 50 to the 120th power? or is it 500+50(12*10)

4. primeralph

not raised. Just multiplied.

Okay and is that (1*.0095) or (1.0095)

I got 7144.58 using (1.0095). what answer did you get?

Hello? Are you still here?

8. primeralph

yeah, I got the same thing, but I'm trying to figure out the problem.

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

10. primeralph

is this an exam?

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.

Do you do FLVS?

13. primeralph

what is FLVS? I think the answers are wrong.

14. primeralph

*the options

It's online high school

Yah I think so too sometimes, but then I am shown that I did something wrong

17. primeralph

did you ever do compound interest?

Yes

19. primeralph

I still think the answer isn't in the options......