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Great Aunt Myrtle has given you a gift of $8,167.76 for your 21st birthday. She explains...

  1. Great Aunt Myrtle has given you a gift of $8,167.76 for your 21st birthday. She explains she’s put away the same amount each year beginning on your first birthday and ending today, on your 21st. If she saved $250 each year, what return did she earn on the account?

4.2%

3.9%

3.6%

4.9%

2.

  1. You received a trust fund gift of $8,167.76 from you Great Aunt Myrtle for your 21st birthday. Your first child was also born today and you decide to deposit the gift into a college fund, and vow to deposit $250 into the fund every month beginning one month from today and ending on the child’s 18th birthday. How much will you have if the annual return on your account is 8.5%?
  • $89,306
  • $164,341
  • $153,437
  • $45,299

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jeff jeffy answered 2 years ago
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