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 monthly. If he puts the money in his savings account at the end of each month, how much interest is included in the future value of the annuity?

A) $18 000.00
B) $18 408.04
C) $18 603.37
D) $408.04
E) $603.37

Correct Answer:

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