Question

Select the correct answer from each drop-down menu.

Jenna saves $2,500 per year in an account that earns 10% interest per year, compounded annually. Jenna _____ will have saved in 30 years. Her account balance is a result of Jenna's _____.

First drop down
A.411,235
B.425,352
C.449,739

Second drop down
A.annuity payments
B.lump-sum payment

Answer 1

In 30 years, the amount that Jenna will have is $411, 235 This account balance is as a result and the second one is a

Step-by-step explanation:

Answer 2

Jenna will have saved approximately $43,723.75 in 30 years. This is the result of Jenna's annuity payments, as she saves $2,500 per year.

Step-by-step explanation:

To find how much Jenna will have saved in 30 years, we can use the formula for compound interest:

Final Amount = Principal Amount × (1 + Interest Rate)^Number of Years

Here, the principal amount is $2,500, the interest rate is 10% (or 0.10), and the number of years is 30. Plugging in these values, we get:

Final Amount = $2,500 × (1 + 0.10)^30 = $2,500 × 1.10^30 = $2,500 × 17.449 = $43,723.75

Therefore, Jenna will have saved approximately $43,723.75 in 30 years. This is the result of Jenna's annuity payments, as she saves $2,500 per year.