Question 1 (1 point)
Jackson started a savings account with $25. He plans to deposit $25 each
month for the next 12 months, then continue those monthly deposits
in following years. The account earns interest at an annual rate of 4%
compounded annually, based on his final yearly balance. Fill in the chart
to find out how much money he will have in the account after 3 years.
Deposit Beginning balance Amount deposited
phase for new phase $ by year end $
New
balance $
Interest
rate %
Amount
of interest
earned $
Ending
balance $
1
25.00
300.00
4
325.00
2.
3
What is Jackson's balance after 3 years?