A 13-year-old child received an inheritance of $8000 per year. This was to be invested in allowed to accumulate until the child reach 21 years of age. The first payment was made on the child's 13th birthday and the last on the 21st birthday. If the money was invested at 5.3%, compounded annually, what did the child receive at age 21?

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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A 13-year-old child received an inheritance of $8000 per year. This was to be invested in allowed to accumulate until the child reach 21 years of age. The first payment was made on the child's 13th birthday and the last on the 21st birthday. If the money was invested at 5.3%, compounded annually, what did the child receive at age 21?

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