Solve the Problem $\$ 200$ Is Deposited into a Savings Account At

question 38

Multiple Choice

Solve the problem.
- $\$ 200$ is deposited into a savings account at $5 \%$ interest, compounded monthly. To the nearest year, how long will it take for the account balance to reach $\$ 537$ ?

• A) 20 years
• B) 28 years
• C) 18 years
• D) 14 years

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Definitions:

Candy Bars

Pre-packaged confectionery products that are typically made from chocolate and may include other ingredients like nuts, caramel, or nougat.

Price

The amount of money or value that must be paid to acquire a good or service.

Lattes

Espresso-based coffee drinks that combine espresso with steamed milk, often served in cafes and coffee shops.