Luana Loves shopping for clothes, but considering the state of the economy, she has decided to start saving. At the beginning of each year, she will deposit $1,970 in her local bank, which pay her 10% annual interest rate. Luana decides that she will continue to do this for the next eight years. How much will she save by the end of eight years?

a. $25,933.02

b. $23,363.09

c. $11,253.03

d. $32,416.28

Answer rating: 100% (QA)

In this case the annual payment will form an annuity The formula to calculat... View the full answer