To save for a car when he turns 18, Pascale deposited $500 each year into a savings account with a 7.5% interest rate compounded

Question

3 years ago

13

To save for a car when he turns 18, Pascale deposited $500 each year into a savings account with a 7.5% interest rate compounded

annually. Year Beginning Balance Interest Earned Ending Balance 1 $500.00 $37.50 $537.50 2 $1,037.50 $77.81 $1,115.31 3 $1,615.31 $121.15 $1,736.46 4 $2,236.46 $167.73 $2,404.19 5 Using the formula mc008-1.jpg, what is the value of the account at the end of the fifth year? $3,071.92 $3,122.00 $3,851.77 $4,140.65

Mathematics