Since Your First Birthday, Your Grandparents Have Been Depositing $1200

question 56

Multiple Choice

Since your first birthday, your grandparents have been depositing $1200 into a savings account on every one of your birthdays. The account pays 6% interest annually. Immediately after your grandparents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to ________.

• A) $37,086.78
• B) $22,252.07
• C) $44,504.14
• D) $51,921.49

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Definitions:

Error And Fraud

Incorrect or intentional misstatements in financial statements, typically due to oversights or deliberate deception.