Question

You deposit $200 each month into an account earning 3% interest compounded monthly. How much will you

have in the account after 15 years?
O $37, 080.00
O $45, 394.54
O $313.49
O $40, 202.16

Answer 1

200/100=2
2*3=6
6=1 month’s interest earnings
6*12=72
72=one year’s interest earnings
200*12=2400
2400=one year’s deposit
72*15=1080
1080=15 year’s interest earnings
2400*15=36000
36000=15 year’s deposit
36000+1080=37080
the answer is $37,080.00