2. Elena's aunt bought her a $150 savings bond when she was born. When Elena is 20years old, the bond will have earned 105% in interest. How much will the bond beworth when Elena is 20 years old?

The worth of the bond after 20 years will be the cost of the bond plus the interest earned on the…

Answered: 2. Elena's aunt bought her a $150…

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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2. Elena's aunt bought her a $150 savings bond when she was born. When Elena is 20 years old, the bond will have earned 105% in interest. How much will the bond be worth when Elena is 20 years old?