Question

Can someone please help!???

Evan opens a savings account with $5,000. He deposits $75 every month into the account that compounds annually and has a 0.85% interest rate. What will his account total be in 5 years?

$8,267.58

$5,597.57

$9,793.30

$12,851.12

Answer 1

This problem is made up of two parts. You need to find the future value of $5000 and you need to add to it the future value of an $85 periodic monthly payment..