anonymous
  • anonymous
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
Mathematics
schrodinger
  • schrodinger
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primeralph
  • primeralph
|dw:1368758235932:dw|
primeralph
  • primeralph
just plug in 10.
anonymous
  • anonymous
Are you raising the 50 to the 120th power? or is it 500+50(12*10)

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primeralph
  • primeralph
not raised. Just multiplied.
anonymous
  • anonymous
Okay and is that (1*.0095) or (1.0095)
anonymous
  • anonymous
I got 7144.58 using (1.0095). what answer did you get?
anonymous
  • anonymous
Hello? Are you still here?
primeralph
  • primeralph
yeah, I got the same thing, but I'm trying to figure out the problem.
anonymous
  • anonymous
Oh okay well, if you would like I could give you formulas that are in the chapter. They just didn't work.
primeralph
  • primeralph
is this an exam?
anonymous
  • anonymous
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.
anonymous
  • anonymous
Do you do FLVS?
primeralph
  • primeralph
what is FLVS? I think the answers are wrong.
primeralph
  • primeralph
*the options
anonymous
  • anonymous
It's online high school
anonymous
  • anonymous
Yah I think so too sometimes, but then I am shown that I did something wrong
primeralph
  • primeralph
did you ever do compound interest?
anonymous
  • anonymous
Yes
primeralph
  • primeralph
I still think the answer isn't in the options......
anonymous
  • anonymous
Yah I know what you mean I've tried all the formulas, but they are too far off

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