Ince your birth, your grandparents have been depositing $ 110 into a savings account every month. the account pays 1212% 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:
If i read this correctly the amount of money at the end of 18 years should be $23,997.60
Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
In this examplee P = $110, i = 1212% and t = 18 years, so
