A 12-year-old child received an inheritance of $9000 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 12th birthday and the last on the 21st birthday. If the money was invested at 5.1% compounded annually, what did the child receive at age 21? (Round your final answer to two decimal places.)
A 12-year-old child received an inheritance of $9000 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 12th birthday and the last on the 21st birthday. If the money was invested at 5.1% compounded annually, what did the child receive at age 21? (Round your final answer to two decimal places.)
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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A 12-year-old child received an inheritance of $9000 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 12th birthday and the last on the 21st birthday. If the money was invested at 5.1% compounded annually, what did the child receive at age 21? (Round your final answer to two decimal places.)
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