Question

In: Finance

Since your first birthday, your grandparents have been depositing $100 into a savings account every month....

Since your first birthday, your grandparents have been depositing $100 into a savings account every month. The account pays 9% interest annually. Immediately after your grandparents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to ________.

Select one:

$32,181

$64,362

$53,635

$75,089

Solutions

Expert Solution

Total installments = 18*12 = 216 monthly installments

Interest per month = 9/12 = 0.75%

Therefore as per the calculation given below the correct answer is $53,635.

So the correct option is 3rd

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

Since your first birthday, your grandparents have been depositing $1200 into a savings account on every...
Since your first birthday, your grandparents have been depositing $1200 into a savings account on every one of your birthdays. The account pays 6% interest annually. Immediately after your grandparents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to ________. Group of answer choices $ 21,600.00 $ 12,993.12 $ 41,632.67 $ 44,504.14 $ 22,252.07 $ 37,086.78
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)
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)
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)
Your grandma has been putting 1000 into a savings account on every bday since your first(that...
Your grandma has been putting 1000 into a savings account on every bday since your first(that is, when you turned 1). The account pays an interest rate of 3%. How much money will be in the account on your 18th birthday after you gma makes the deposit on that birthday?
Your grandmother has been putting $ 5 comma 000$5,000 into a savings account on every birthday...
Your grandmother has been putting $ 5 comma 000$5,000 into a savings account on every birthday since your first​ (that is, when you turned​ one). The account pays an interest rate of 10 %10%. How much money will be in the account immediately after your grandmother makes the deposit on your 18th birthday
(real and nominal rates) You have been depositing $250 per month in your 401k account for...
(real and nominal rates) You have been depositing $250 per month in your 401k account for exactly 10 years. The current value is $65,000. What is the annualized nominal return (effective annual rate) on your investment? If the inflation rate has averaged 6% over that time period, what is your annual real rate of return.
Candice deposits into her savings account at the end of every month. During the first year,...
Candice deposits into her savings account at the end of every month. During the first year, she deposits 10 each month. During the second year, Candice deposits 20 each month. During the third year, the deposits are 30. The pattern continues, concluding with deposits of 160 per month during the 16th year. Candice earns an annual nominal interest rate of 12% compounded monthly. How much will Candice have accumulated after 16 years?
On Hubert’s first birthday, his parents deposited $12,000 into a savings account that earns a fixed...
On Hubert’s first birthday, his parents deposited $12,000 into a savings account that earns a fixed rate of 8.50% and compounds interest annually. How much money will Hubert’s account have accumulated by his 21st birthday? (Hint: Round your answer to the nearest dollar.) $29,438 $61,344 $66,559 $120,000 What-If Scenario 1 What would have been the balance in Hubert’s account if his parents had waited until his 10th birthday to make their initial deposit into the same account? $66,559 $120,000 $61,344...
Suppose you start saving for retirement by depositing $4,000 EVERY YEAR into your retirement account. If...
Suppose you start saving for retirement by depositing $4,000 EVERY YEAR into your retirement account. If your annual return is 8%, how much will you have in 45 years? How much would you have if all deposits were made on the FIRST of the year (as opposed to the last day of the year)? (please solve by hand and not excel)
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT