You Save $53 Per Month for 21 Years in a Savings

question 56

Multiple Choice

You save $53 per month for 21 years in a savings account earning 2% interest compounded monthly. The total amount in the account after 21 years will be $$53 \left[ \left( 1 + \frac { 0.02 } { 12 } \right) ^ { 252 } - 1 \right] \left( 1 + \frac { 12 } { 0.02 } \right)$$ . How much money is in the account after 21 years? Round your answer to two decimal places.

• A)$48,462.10
• B)$13,641.56
• C)$16,609.10
• D)$14,867.44
• E)$34,698.81

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