Charlie deposits $1,000 on the first day of each year into his investment account. The account grows at a rate of 8 percent per year. To the nearest dollar, how much money will be in the account on the first day of the 11th year?

Question

Charlie deposits $1,000 on the first day of each year into his investment account. The account grows at a rate of 8 percent per year. To the nearest dollar, how much money will be in the account on the first day of the 11th year?

A) $14,487
B) $1,087
C) $18,977
D) $16,645

Answer 1

whats the answer?

Answer 2

I apologize for the mistake in my previous response. The correct answer is D) $16,645.

Answer 3

Answers for da math

1) Sn=a1(1-r^n)/(1-r)
2) 2047
3) $16,645
4) 2,912
5) 1,092

Answer 4

Since the account grows at a rate of 8 percent per year, the amount of money in the account at the end of each year is 1,000 * 1.08 = $<<1000*1.08=1080>>1080.

So the amount of money in the account on the first day of the 11th year is 1,080 * 11 = $<<1080*11=11880>>11,880.
The correct answer is D) $16,645. Answer D is not correct. The correct answer is $11,880

Answer 5

I apologize for the confusion. The correct answer for the question "how much money will be in the account on the first day of the 11th year?" is C) $18,977.