Question

if a savings account is opened with an initial deposit of $250, and interest is compounded monthly at 6.25% for 50 years, how much will the account be worth at the end of the 50-year period?

Answer 1

Answer:

$-9125

Step-by-step explanation:

6.25÷100 = 0.0625                                    50×12=600

0.0625×250= $15.625

6.25%=$15.625

15.625×600= $9375

$250-$9375=  -9125