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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?

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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 ago
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