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
Delete
Share
This Question is Open
primeralph
Best Response
You've already chosen the best response.
0
|dw:1368758235932:dw|
primeralph
Best Response
You've already chosen the best response.
0
just plug in 10.
lswimstar
Best Response
You've already chosen the best response.
0
Are you raising the 50 to the 120th power? or is it 500+50(12*10)
primeralph
Best Response
You've already chosen the best response.
0
not raised. Just multiplied.
lswimstar
Best Response
You've already chosen the best response.
0
Okay and is that (1*.0095) or (1.0095)
lswimstar
Best Response
You've already chosen the best response.
0
I got 7144.58 using (1.0095). what answer did you get?
lswimstar
Best Response
You've already chosen the best response.
0
Hello? Are you still here?
primeralph
Best Response
You've already chosen the best response.
0
yeah, I got the same thing, but I'm trying to figure out the problem.
lswimstar
Best Response
You've already chosen the best response.
0
Oh okay well, if you would like I could give you formulas that are in the chapter.
They just didn't work.
primeralph
Best Response
You've already chosen the best response.
0
is this an exam?
lswimstar
Best Response
You've already chosen the best response.
0
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.
lswimstar
Best Response
You've already chosen the best response.
0
Do you do FLVS?
primeralph
Best Response
You've already chosen the best response.
0
what is FLVS?
I think the answers are wrong.
primeralph
Best Response
You've already chosen the best response.
0
*the options
lswimstar
Best Response
You've already chosen the best response.
0
It's online high school
lswimstar
Best Response
You've already chosen the best response.
0
Yah I think so too sometimes, but then I am shown that I did something wrong
primeralph
Best Response
You've already chosen the best response.
0
did you ever do compound interest?
lswimstar
Best Response
You've already chosen the best response.
0
Yes
primeralph
Best Response
You've already chosen the best response.
0
I still think the answer isn't in the options......
lswimstar
Best Response
You've already chosen the best response.
0
Yah I know what you mean I've tried all the formulas, but they are too far off