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Answer :
The amount you would have in your account immediately after making the final deposit would be approximately $1,057.32.
To calculate the amount you would have in your account immediately after making the final deposit, we can use the formula for the future value of an annuity.
The future value of an annuity formula is:
FV = P * [(1 + r)^n - 1] / r
FV = Future value
P = Payment amount per period ($200 in this case)
r = Interest rate per period (6% or 0.06 in decimal form)
n = Number of periods (18 years in this case)
Plugging in the values:
FV = $200 * [(1 + 0.06)^18 - 1] / 0.06
Calculating this expression:
FV ≈ $200 * [1.06^18 - 1] / 0.06
FV ≈ $200 * [1.317396 - 1] / 0.06
FV ≈ $200 * 0.317396 / 0.06
FV ≈ $1,057.32
None of the options provided match this value exactly. Please double-check the available answer choices or provide additional information if there is an error.
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