Question

Since your first​ birthday, your grandparents have been depositing

$ 1 comma 200$1,200

into a savings account on every one of your birthdays. The account pays

99​%

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:

A.

$ 49 comma 561.61$49,561.61

B.

$ 29 comma 736.97$29,736.97

C.

$ 69 comma 386.25$69,386.25

D.

$ 59 comma 473.93

Answer 1

Answer is option A . $49,561.61

i think you entered interest rate 99% instead of 9%

1 year balance in the bigning of the Balance at end of deposit year Interest the year 12001 1200 108 $ 1,308.00 12001 2508.00 225.72 $ 2,733.72 12001 3933.72 354.03 $ 4,287.75 1200 5487.75 493.90 $ 5,981.65 1200 7181.65 646.35 $ 7,828.00 12001 9028.00 812.52 $ 9,840.52 1200 11040.52 993.65 $ 12,034.17 1200 13234.17 1191.08 $ 14,425.24 12001 15625.24 1406.27 $ 17,031.52 12001 18231.52 1640.84 % 19,872.35 12001 21072.35 1896.51 $ 22,968.86 12001 24168.86 2175.20 $ 26,344.06 1200 27544.06 2478.97 $ 30.023.03 12001 31223.03 2810.07 $ 34,033.10 12001 35233.10 3170.98 $ 38,404.08 1200 39604.08 3564.375 43,168.45 1200 44368.45 3993.16 $ 48,361.61 1200 49561.61|| $ 49,561.61 10/ 12 16 18 S

interest added i the end of the year. since this problom says immediatly after depositing, the interest for last year not added.

the workings of excel are as follows

G13 4 А в 0.09 1 year 2 1 32 4 3 5 4 65 76 8 7 9 8 10 9 11 10 12 11 13 12 14 13 15 14 16 15 17 16 18 17 19 18 deposit 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 1200 balance in the bigning of the year Interest =B2 =B2*$G$1 -E2+B3 =C3*$G$1 =E3-B4 =C4*$G$1 =E44B5 =C5*$G$1 =E5+B6 =C6*$G$1 =E6+B7 =C7*$G$1 =E7+B8 =C8*$G$1 =E8+B9 =C9*$G$1 =E9+B10 =C10*$G$1 =E10+B11 =C11*$G$1 =E11+B12 =C12*$G$1 =E12+B13 =C13-$G$1 =E13+B14 =C14*$G$1 =E14+B15 =C15*$G$1 =E15+B16 =C16*$G$1 |=E16+B17 =C17*$G$1 =E17+B18 1=C18+$G$1 =E18+B19 Balance at end of the year =C2+D2 =C3+D3 =C4+D4 =C5+D5 =C6+D6 =C7+D7 =C8+D8 =C9+D9 =C10+D10 =C11+D11 =C12-D12 =C13+D13 =C14+D14 =C15-D15 =C16+D16 =C17+D17 =C18+D18 =C19+D19 20 21