Andrew and Emma Garfield invested $6,100 in a savings account paying 4% annual interest when their daughter, Angela, was born. They also deposited $1,200 on each of her birthdays until she was 16 (including her 16th birthday). How much was in the savings account on her 16th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)
Andrew and Emma Garfield invested $6,100 in a savings account paying 4% annual interest when their daughter, Angela, was born. They also deposited $1,200 on each of her birthdays until she was 16 (including her 16th birthday). How much was in the savings account on her 16th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Andrew and Emma Garfield invested $6,100 in a savings account paying 4% annual interest when their daughter, Angela, was born. They also deposited $1,200 on each of her birthdays until she was 16 (including her 16th birthday).
How much was in the savings account on her 16th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)
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