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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...
