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, what will be the present value of the balance in the account at the end of the three-year term?

A) $18 000.00
B) $18 408.04
C) $18 603.37
D) $27 284.81
E) $17 390.19

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free