A credit card company wants your business. If you accept their offer and use their card, they will deposit 11% of your monetar

Question

3 years ago

15

A credit card company wants your business. If you accept their offer and use their card, they will deposit 11% of your monetar

y transactions into a savings account that will earn a guaranteed 55% per year. If your annual transactions total an average of $20 comma 00020,000, how much will you have in this savings plan after 1515 years?

Business

1 answer:

Ket [755] · Answer 1 · 2022-06-02T04:52:10+03:00

Answer:

I will have $183536835400 in my savings after 1515 years

Explanation:

Deposit into the savings account = 0.11×$2000020000 = $220002200

Earnings after 1515 years = 0.55×1515×$220002200 = $183316833200

Total amount in savings plan after 1515 years = $220002200 + $183316833200 = $183536835400

A credit card company wants your business. If you accept their offer and use their​ card, they will deposit 11​% of your monetar

A credit card company wants your business. If you accept their offer and use their card, they will deposit 11% of your monetar