When You Were 10 Years Old, Your Grandparents Put $500

Multiple Choice

When you were 10 years old, your grandparents put $500 into an account for you paying 7 percent interest. Now that you are 18 years old, your grandparents tell you that you can take the money out of the account. What is the balance to the nearest cent?

A) $1,200.00
B) $1,111.77
C) $983.58
D) $859.09