Answered

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George deposits $500 on the last day of every month into a Savings account that pays 74 Interest that is compounded monthly on the last day of each month. George does not deposit or withdraw any other money from the account. It George makes his first $500 deposit on the last day of January B checks his account balance on the first day of April of the same year, how much money will be in his account?
(a) 500 + 500 (1.07) + 500 (1.07) (6)
b. 500 (1.07)
(c) 500 + 500(1.07) + SOO (1.07)2 + 500 (1.07)3
(d) 500 (1 + 093)25

Sagot :

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