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Your grandmother has been putting $3000 into a savings account on every birthday since your first...

Your grandmother has been putting $3000 into a savings account on every birthday since your first (that is, when you turned 1). The account pays an interest rate of 3% per year. How much money will be in the account on your 18th birthday immediately after your grandmother makes the deposit on that birthday?

(Please write numbers only, no "$", no ",", round to the dollar, no decimal.  i.e. write  $1,234.56 as 1235)

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Expert Solution

Ans 70243

P = Periodic payments
r = rate of interest
n = no of years
Future Value of Annuity = P ( (1 + r)^n - 1 ) / r
3000* ((1 + 3%)^18 - 1) / (3%)
70243

jeff jeffy answered 2 years ago
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