Conner opens a new savings account and decides to deposits $100 on the first day of each month into the account which earns 1.0% interest each month. how much is in the account to the nearest dollar, right after conner makes his last deposit on the first day of the sixth year (the 61st month)?

Given:

monthly deposit, A=100

rate of interest, i = 1% per month = 0.01 per period

compounding period = 1 month (assumed).

Total payments :

n=60 payments of $100 at the end of the month (beginning of the next month) +

1 payment at the beginning of the first month.

Future value after 60 months

= amount due to 60 monthly payments at end of month + value of first payment

= A((1+i)^n-1)/i  + A*(1+i)^60

=100(1.01^60-1) + 100(1.01^60)

= 8166.967 + 181.670

= 8348.64 (to the nearest cent)

the correct option is 2.

step-by-step explanation:

according to the given information triangle abc is a right angle triangle with right angle at a. segment ab is 5 and segment ac is 7. point d is on segment bc and angles adb and adc are right angles.

it is given that triangles abd, cad, and cba are similar.

two triangles are similar if their corresponding sides are proportional.

in triangle cba, using pythagoras theorem

                      )

triangle abd and cba are similar,

                            (2)

triangle cad and cba are similar,

                      )

using (1), (2) and (3), we get

hence proved.

therefore option 2 is correct.