If you put $10 in a savings account at the beginning of each month for 15 years,how much money will be in the account at the end of the 10th year? Assume that the account earns 12% compounded monthly and round to the nearest $1.
A) $1,200
B) $2,323
C) $5,046
D) $3,485

Question

Quizplus · Accepted Answer

The future value of a series of monthly deposits can be calculated using the future value of an annuity formula. With a monthly deposit of $10, an interest rate of 1% per month (12% annually), and a period of 120 months (10 years), the future value is approximately $5,046.

If You Put $10 in a Savings Account at the Beginning