Question

please help!
eloise is investing in a retirement account. she plans on adding an additional $50 at the end of every year and the expected rate of return is 3% of the amount invested, calculated at the end of the month. if she starts with $1000 in the account how much money will she have one year after she started the investment?

a)$1475.76
b)$1499.72
c)$1525.75
d)2085.36

thank you!!

Answer 1

A $1475.76 


what is ended up doing is multiplying 1000 by .03 or 3% which is 30 and adding it to 1000 which gave me 1030. then I multiplied 1030 by .03 or 3% and adding that product to 1030 and I repeated that process 12 times or one for every month which gave me $1425.76 then I added the 50 and bam, done.