Eloise is investing in a retirement account. She plans on adding an additional $50 at the end of every year and the expected monthly rate of return is 0.25% of the amount invested, calculated at the end of the month. If she starts with $1000 in the account how much money will she have two years after she started the investment?

A. 1111.76

B. 1113.28

C. 1161.76

D. 1163.28

Question

Ferguson

Mathematics

7 November, 20:13

Eloise is investing in a retirement account. She plans on adding an additional $50 at the end of every year and the expected monthly rate of return is 0.25% of the amount invested, calculated at the end of the month. If she starts with $1000 in the account how much money will she have two years after she started the investment?

A. 1111.76

B. 1113.28

C. 1161.76

D. 1163.28

+1

Answers (1)

Know the Answer?

Madilynn Thornton · Answer 1

Well, because it is two years, 50x2 is 100 so 1000+100=1100

Then, you would do. 25x1000 which is 2.5. That would mean you get 2.5 dollars back every month.

Therefore, your answer is ...

C. $1161.76