Question

8. Jimmy invested $200 in a retirement account that

had a rate of 20% that compounds annually. If
Jimmy leaves his money puts the money in when he
is 24 and takes it out when he is 64, how much
money will be in his account rounded to the nearest
dollar?
a) $293954.31
b) $29395
c) $293954

Answer 1

The answer is A bc that’s how many dollars there is

Answer 2

A because u do 200(1+20/100)^40 the 40 is from 64-24 to get the no of years he kept in the money