Sam Got a Job at the Brick

Sam got a job at the Brick. He plans to save $500 every month for 3 years to buy a car. The savings account earns 2.25% compounded semi-annually. If he puts the money in his savings account at the end of each month, what will be the balance in the account at the end of the three-year term?

A) $18 408.04
B) $18 600.50
C) $18 603.37
D) $27 284.81
E) $17 390.19

Correct Answer:

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