Since your birth , your grandparents have been depositing $ 110 into a savings account every month. The account pays 12 % 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:

FV = $83,365

Explanation:

Giving the following information:

Since your birth , your grandparents have been depositing $ 110 into a savings account every month. The account pays 12 % interest annually.

We need to use the following formula:

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

A = annual deposit=110

n = 12*18=216

i=0.12/12=0.01

FV = {110*[ (1.01^216) - 1]}/0.01 = $83,365