5. If a 10 year old Kaila deposits $500 into her bank with 4.5% interest for 5 years, then deposits another $500 in her account with an interest rate increase of 0.7%, how much will be in her account when she goes to withdraw the money for college spending at age 18? Answer as a complete coherent thought!!!

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
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5. If a 10 year old Kaila deposits $500 into her bank with 4.5% interest for 5 years, then
deposits another $500 in her account with an interest rate increase of 0.7%, how much will
be in her account when she goes to withdraw the money for college spending at age 18?
Answer as a complete coherent thought!!!
Transcribed Image Text:5. If a 10 year old Kaila deposits $500 into her bank with 4.5% interest for 5 years, then deposits another $500 in her account with an interest rate increase of 0.7%, how much will be in her account when she goes to withdraw the money for college spending at age 18? Answer as a complete coherent thought!!!
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