Lauren plans to deposit $7,000 into a bank account at the beginning of next month and $400/month into the same account at the end of that month and at the end of each subsequent month for the next 4 yr. If her bank pays interest at the rate of 5%/year compounded monthly, how much will Lauren have in her account at the end of the 4 yr? (Assume she makes no withdrawals during the 4-yr period.) Please round the answer to the nearest cent.
a. $20,794.32
b. $29,752.22
c. $35,181.39
d. $29,078.79
e. $43,898.77
b. $29,752.22
Mathematics
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