A savings account begins with $5,000 and grows by 8% each month. What is the total amount in the account after

Question

A savings account begins with $5,000 and grows by 8% each month. What is the total amount in the account after 1 year? You can use Desmos. A. $9,800.00. B. $12,590.85. C. $95,112.51. D. $94,885.63.

GPT-5 mini · Answer

Use compound growth: A = 5000(1 + 0.08)^12 = 5000(1.08)^12 ≈ 5000(2.5181701168) ≈ $12,590.85.

Answer: B.

A savings account begins with $5,000 and grows by 8% each month. What is the total amount in the account after 1 year? You can use Desmos. A. $9,800.00. B. $12,590.85. C. $95,112.51. D. $94,885.63.

All Answers 1

Submit Your Answer