Since your birth, your grandparents have been depositing $ 100 into a savings account every month. The account pays 9% 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:

Future Value= $53,635.17

Explanation:

Giving the following information:

Since your birth, your grandparents have been depositing $ 100 into a savings account every month. The account pays 9% interest annually.

First, we need to calculate the monthly interest rate:

Real interest rate= 0.09/12= 0.0075

Now, using the following formula, we can calculate the future value:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit= 100

n= 18*12= 216

i= 0.0075

FV= {100*[(1.0075^216)-1]}/0.0075

FV= $53,635.17

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