Tetsuo's savings account has a balance of $1192. After 22 years, what will the amount of interest be at 1.5% compounded annually?

a.

$2622.40

c.

$467.98

b.

$450.98

d.

$461.98

I think C is the answer

First, we find 1% of 1192: 1192 / 100 = 11.92

Next, 1.5% of 1192: 11.92 x 1.5 = 17.88

Now, after one year, we know he had $1209.88

Because it changes to 1.5% of 1209.88, rather than 1192, you have to find 1% of 1209.88, and repeat the previous steps. I'm sure there is a easier way to do this for 22 years, but I don't remember it. The only answer that makes sense is A. $2622.40