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On the day their child was born, her parents deposited $20,000 in a savings account that earns 10% interest annually. How much is in the account the day the child turns 16 years old (rounded to the nearest cent)?

Hint: an = a1(1 + r)n, r ≠ 1, where a1 is the initial amount deposited and r is the common ratio or interest rate.

 $32,000.00

 $90,031.50

 $85,613.50

 $91,899.46

 

I know it's not B and I'm almost positive it's not A...

failurewithasmile  Apr 14, 2017
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 #1
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a(n) =20,000 x (1 +0.10)^16

a(n) =20,000 x    1.10^16

a(n) =20,000 x       4.5949729863572161

a(n) =$91,899.46

Guest Apr 14, 2017

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