When you were born, your dear old aunt minnie promised to deposit $500 into a savings...

When you were born, your dear old aunt minnie promised to deposit $500 into a savings account bearing a 5% compounded annual rate on each birthday, beginning with your first. You have just turned 21 and want the dough. However, it turns out that dear old (forgetful) aunt minnie made no deposits on your fifth and eleventh birthdays. How much is in the account right now?

Expert Solution

Original deposit annual	500
Amount on 4th birthday	$2,155.06
Amount on 5th birthday	$2,262.82

Amount on 10th birthday	$5,650.81
Amount om 11th birthday	$5,933.35

Amount on 21st birthday	$15,953.74

WORKINGS

jeff jeffy answered 3 months ago

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