A father opened a savings account for his daughter on the day she was born, depositing $1,000. Each year on her birthday, he deposits another $1,000, making the last deposit on her 18 birthday. If the account pays 5.75% interest compounded annually, how much is in the account at the end of the day on his daughter's 18th birthday? How much interest has been earned? Hint: he's depositing at the beginning of each year of her life There is $ 32,919.27 in the account at the end of the day on her 18th birthday. There has been $_______ in interest earned
A father opened a savings account for his daughter on the day she was born, depositing $1,000. Each year on her birthday, he deposits another $1,000, making the last deposit on her 18 birthday. If the account pays 5.75% interest compounded annually, how much is in the account at the end of the day on his daughter's 18th birthday? How much interest has been earned? Hint: he's depositing at the beginning of each year of her life There is $ 32,919.27 in the account at the end of the day on her 18th birthday. There has been $_______ in interest earned
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 father opened a savings account for his daughter on the day she was born, depositing $1,000. Each year on her birthday, he deposits another $1,000, making the last deposit on her 18 birthday. If the account pays 5.75% interest compounded annually, how much is in the account at the end of the day on his daughter's 18th birthday? How much interest has been earned? Hint: he's depositing at the beginning of each year of her life
There is $ 32,919.27 in the account at the end of the day on her 18th birthday.
There has been $_______ in interest earned?
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