On the day their child was born, her parents deposited $25,000 in a savings account that earns 11% interest annually. How much is in the account the day the child turns 16 years old (rounded to the nearest cent)? Hint: an = a1(1 + r)n, r ≠ 1, where a1 is the initial amount deposited and r is the common ratio or interest rate.
Answer choices:
$119,614.74 $132,772.36 $128,612.52 $440,000.00
