Jill is starting to save for collegeShe plans to deposit $450 into aac

1.	Jill is starting to save for collegeShe plans to deposit $450 into aaccount that pays 5% interestcompounded annually. How muckwill be in Jill's savings account atthe end of six years?Đ $2,688.2D $3,213.A $603.04C $2,835.00
Answer» Given, P = 450, R = 5%, n = 6 For compound interestA = P(1 + R/100)^nA = 450(1 + 5/100)^6A = 450(21/20)^6A = 450(1.05)^6A = 450*1.34A = 603.04 (A) is correct option

Jill is starting to save for collegeShe plans to deposit $450 into aaccount that pays 5% interestcompounded annually. How muckwill be in Jill's savings account atthe end of six years?Đ $2,688.2D $3,213.A $603.04C $2,835.00

Answer»

Given, P = 450, R = 5%, n = 6

For compound interestA = P(1 + R/100)^nA = 450(1 + 5/100)^6A = 450(21/20)^6A = 450(1.05)^6A = 450*1.34A = 603.04

(A) is correct option