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In order to purchase a new freezer in 2 years, the Steakhouse Restaurant has decided...

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Accounting

In order to purchase a new freezer in 2 years, the Steakhouse Restaurant has decided to deposit $1,500 in an account that earns 3% per year compounded monthly for 2 years. How much money will be in the account in 2 years?

a) $1,622.64

b) $1,592.64

c) $1,572.64

d) $1,632.64

e) $1,552.64

f) None of the above.

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