Question
In: Finance
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?
Solutions
Expert Solution
| A/c balance after 18 years | P×[(1+r)^n-1]÷r | |
| Here, | ||
| A | Interest rate per annum | 3% |
| B | Number of years | 18 |
| C | Number of payments per per annum | 1 |
| A÷C | Interest rate per period ( r) | 3% |
| B×C | Number of periods (n) | 18 |
| Payment per period (P) | $ 1,000 | |
| A/c balance after 18 years | $ 23,414.44 | |
| 1000×((1+3%)^18-1)÷3% |
jeff jeffy answered 2 years agoRelated Solutions
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)
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 $ 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
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
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