the amount of money in xochitls savings account increases by 4% every month via her paycheck. in april, when…

the amount of money in xochitls savings account increases by 4% every month via her paycheck. in april, when she first started saving, she had $1200 in her account. how much money will she have in her account by the end of december? round your answer to the nearest whole number.\n$1,248\n$866\n$1,152\n$1,642

the amount of money in xochitls savings account increases by 4% every month via her paycheck. in april, when she first started saving, she had $1200 in her account. how much money will she have in her account by the end of december? round your answer to the nearest whole number.\n$1,248\n$866\n$1,152\n$1,642

Answer

Explanation:

Step1: Calculate the number of months

From April to December, the number of months $n = 12 - 4=8$.

Step2: Use the compound - growth formula

The initial amount $P = 1200$, the growth rate $r=0.04$. The formula for compound - growth is $A = P(1 + r)^n$. Substitute the values: $A=1200\times(1 + 0.04)^8$.

Step3: Calculate $(1 + 0.04)^8$

$(1 + 0.04)^8=1.04^8\approx1.368569$.

Step4: Calculate the final amount

$A = 1200\times1.368569\approx1642.28$.

Answer:

$1642$