Question

James and Terry open a savings account that has a 2.75% annual interest rate, compounded monthly. They deposit

$50,000 into the account. How much will be in the account after 20 years?
a. $48,407.45
b. $90,600.15
c.$86,608.14
d.$80,894.18

Answer 1

a. $48,407.45

b. $90,600.15

c.$86,608.14

d.$80,894.18