On Lorenzo’s first birthday, his parents deposited $5,500 into a
savings account that earns a fixed rate of 5.50% and compounds
interest annually. How much money will Lorenzo’s account have
accumulated by his 18th birthday? (Hint: Round your answer to the
nearest dollar.)$8,441$55,000$14,418$13,666What-If Scenario 1What would have been the balance in Lorenzo’s account if his
parents had waited until his 10th birthday to make their initial
deposit into the same account?$13,666$55,000$14,418$8,441What-If Scenario 2If Lorenzo’s parents wanted to accumulate an account...