Must do the following steps: a. write the formula down b. show work c. round as

Question

Must do the following steps: a. write the formula down b. show work c. round as stated in the problem d. write the answer in a complete sentence and in the context of the problem.

Ginger received an inheritance from her grandmother of $2000. She decided to open a savings account so that she could buy a new car in 4 years. If she deposited the $2000 at the beginning of the month and then deposited $1000 at the end of that month and every month after that for 4 years, what would be her balance in the account in after 4 years? (Assume she does not withdraw any money during the 4 years) Round to the nerest cent.

Explanation / Answer

Money received by Ginger from grandmother =$2000

And savings every month = $1000

So for 4 years it would be=4*12 months =48 *$1000 =$48000

So total savings after 4 years would be $2000 +$48000 =$50000

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