James and Terry Open a Savings Account That Has a 2.75

question 30

Multiple Choice

James and Terry open a savings account that has a 2.75% annual interest rate,compounded monthly.They deposit $500 into the account each month.How much will be in the account after 20 years?

• A) $48,407.45
• B) $159,744.59
• C) $330,600.15
• D) $580,894.18

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Definitions:

Western Industrialized

Referring to countries in the Western Hemisphere that have highly developed economies, industries, and infrastructures.

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The skill of using the hands and fingers to manipulate, move, control, or use objects effectively.

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Acquiring knowledge and insight through the mental processes of thinking, experiencing, and sensory engagement.