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A 10-year-old child received an inheritance of $6000 per year. This was to be invested and allowed to accumulate until the child reached 21 years of age. The first payment was made on the child's 10th birthday and the last on the 21st birthday. If the money was invested at 4.7% compounded annually, what did the child receive at age 21? (Round your final answer to two decimal places.) $

A 10-year-old child received an inheritance of $6000 per year. This was to be invested and allowed to accumulate until the child reached 21 years of age. The first payment was made on the child's 10th birthday and the last on the 21st birthday. If the money was invested at 4.7% compounded annually, what did the child receive at age 21? (Round your final answer to two decimal places.) $

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A 10-year-old child received an inheritance of $6000 per year. This was to be invested and allowed to accumulate until the child reached 21 years of age. The first payment was made on the child's 10th birthday and the last on the 21st birthday. If the money was invested at 4.7% compounded annually, what did the child receive at age 21? (Round your final answer to two decimal places.) $
Transcribed Image Text:A 10-year-old child received an inheritance of $6000 per year. This was to be invested and allowed to accumulate until the child reached 21 years of age. The first payment was made on the child's 10th birthday and the last on the 21st birthday. If the money was invested at 4.7% compounded annually, what did the child receive at age 21? (Round your final answer to two decimal places.) $
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