Since your first birthday,your grandparents have been depositing $1000 into a savings account on every one of your birthdays.The account pays 4% interest annually.Immediately after your grandparents make the deposit on your 18th birthday,the amount of money in your savings account will be closest to:

Question

Quizplus · Accepted Answer

The correct answer is A because the amount of money in the savings account after 18 years is $25,645. This is calculated by taking the initial deposit of $1000 and multiplying it by the number of years (18), which gives us $18,000. Then, we add the interest earned over 18 years, which is $7,645. This gives us a total of $25,645.

Since Your First Birthday,your Grandparents Have Been Depositing $1000 into a Savings