Amanda opens an account with $250. She deposits $200/month for 5 years. The interest rate is 2.47%. How much will be in the account after 5 years? Round to the nearest whole dollar. (6.3) a. $12,250 b. $818 c. $13,068 d. None of the above.
Added by Josefina S.
Step 1
She deposits $200 per month for 5 years, which is 5 * 12 = 60 months. So, the total amount of money she deposits is $200 * 60 = $12,000. Now, we need to find the interest earned on the account. The interest rate is 2.47% per year, so we need to find the monthly Show more…
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