help due in 5 min!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!will mark brainliest if correct!!!!!!!!!!!!
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2 answers:
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Answer:
$6,506.51
Step-by-step explanation:
Recall that increasing an amount C in x% is equivalent to multiply it by (1+x/100)
As we have 4% APR, the monthly interest would be (4/12)% = 0.04/12
<u>Month 0</u> (first payment)
$250
Month 1
<u>Month 2</u>
<u>Month 3</u>
<u>Month 24 (2 years)</u>
The sum
is the sum of the first 24 terms of a geometric sequence with common ratio which is
so, after 2 years the saving balance is
250*26.02603071 = 6,506.50767= $6,506.51 rounded to the nearest cent.