Final answer:
Julie's account balance after 10 years will be approximately $32,000.00, So the correct option is c.
Step-by-step explanation:
To calculate Julie's account balance after 10 years, we can use the formula for compound interest:
A = P(1+r/n)^(nt)
Where:
- A is the final account balance
- P is the monthly deposit ($200 in this case)
- r is the interest rate per year (6% in this case)
- n is the number of times the interest is compounded per year (12, since it's compounded monthly)
- t is the number of years (10 in this case)
Substituting the values into the formula:
A = 200(1+0.06/12)^(12*10)
Simplifying the equation:
A = 200(1+0.005)^120
Calculating:
A = 200(1.005)^120
A ≈ $32,000.00
So, after 10 years, Julie’s account balance will be $32,000.00. So the correct option is c.