A credit card company wants your business. If you accept their offer and use their card, they will deposit 11 % of your monetary transactions into a savings account that will earn a guaranteed 55 % per year. If your annual transactions total an average of $20 comma 00020,000 , how much will you have in this savings plan after 1515 years?

Question

Business

Riley Atkins

6 February, 20:33

A credit card company wants your business. If you accept their offer and use their card, they will deposit 11 % of your monetary transactions into a savings account that will earn a guaranteed 55 % per year. If your annual transactions total an average of $20 comma 00020,000 , how much will you have in this savings plan after 1515 years?

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Answers (1)

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Maleah Herring · Answer 1

I will have $183536835400 in my savings after 1515 years

Explanation:

Deposit into the savings account = 0.11*$2000020000 = $220002200

Earnings after 1515 years = 0.55*1515*$220002200 = $183316833200

Total amount in savings plan after 1515 years = $220002200 + $183316833200 = $183536835400