On the day their child was born, her parents deposited $30,000 in a savings account that earns 9% interest annually. How much is in the account the day the child turns 16 years old (rounded to the nearest cent)?
Hint: an = a1(1 + r)n, r ≠ 1, where a1 is the initial amount deposited and r is the common ratio or interest rate.
These are the options
A. $109,274.47
B. $118,031.52
C. $119,109.18
D.$523,200.00