Savings account that earns effective annual interest rate

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Reference no: EM131012384

You plan to invest $600 in your savings account this year and then you intend to increase the amount that you invest by 3% each year. If you invest in a savings account each that earns an effective annual interest rate of 7% how much money will you have in your account in 14 years?

a. $15,989.17

b. $10,251.79

c. $6,200.87

d. $13,530.29

e. None of the above

Reference no: EM131012384

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