Karls grandparents have a college savings account set up for him that adds 10% to the balance when it is withdrawn to pay for college expenses. They have been putting $50 per month in the account ever since he was born. After 18 years, how much will be in the account, including the additional 10%?

SAVING AND INVESTING

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Karl’s grandparents have a college savings account set up for him that adds 10% to the balance when it is withdrawn to pay for college expenses. They have been putting $50 per month in the account ever since he was born. After 18 years, how much will be in the account, including the additional 10%?

A	$9, 720
B	$9, 900
C	$10, 800
D	$11, 880

Explanation:

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ECONOMICS (CBSE/UGC NET)

ECONOMICS

SAVING AND INVESTING