Your grandparents started a savings account with $10,000 the day you were born. It earns 5% annually compounded monthly. How much will you have when you turn 18?

You will have $24,551.84 when you turn 18.

Step-by-step explanation:

Formula for accumulated amount earned in t years:

, where P = principal value, r = rate of interest

Given: P= $10000, r = 5% t = 18 years.

Substitute all values in formula, we get

Hence,  you will have $24,551.84 when you turn 18.

77

step-by-step explanation:

answer: c, the green line

step-by-step explanation:

there is no black line, eliminate b.

simple interest implies periodic payments, but the red line shows no payments, eliminate d.

simple interest has equal payments. if paid say every day, the graph is about a straight line (actually a stairstep).

the yellow line is not straight, eliminate a.

check: the green line is straight, answer is c.

simple interest with positive interest rate gives a straight line sloping up to the right. green line:

g(t) = $100 + ($200-$100) ÷ (20 years) × (t years)

= $100 + (4%/year) × ($100)(t years)

incidentally, the yellow line curving upward represents continuously compounded interest

y = $100 × 2^(t years / (14 assuming the yellow line hits $200 at 14 years. 2^0 is 1, so y(0) = $100; 2^(14/14) is 2, so y(14) = $200.