Melinda opened a savingsaccount for her daughter on ?the day shewasborn,depositing $1,000: Each yearon her birthday she depositsanother $1,000 making the lastdeposit on her 21st birthday.Theасcountрays9.5%interest compounded annually.Findthetotalamountaccumulated in the account atthe end of the day on thedaughters21stbirthday.(answer in whole number)

Annual deposit (A) = $1000 Number of deposits (n) = 22 r = 9.5%

Answered: Melinda opened a savings account for…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 13E

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