Find the savings plan balance after 1 year with an APR of 13% and monthly payments of $100. Assume an ordinary annuity.

For an ordinary annuity, use FV = PMT × [((1 + i)^n − 1) ÷ i], where the monthly rate is i = 0.13 ÷ 12 and n = 12. Substituting the values gives $100 × [((1 + 0.13/12)^12 − 1) ÷ (0.13/12)] ≈ $1,274.15. The balance is $1,274.15, choice D.

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