A young couple had their first baby on January 1, 2024. When the baby was 15 days old, the parents made the first deposit of $800.00. and they will continue to make deposits for the same amount every fortnight, the last deposit was made on the day the baby turns 18 years old.The money is deposited in an account that pays 14% annually convertible monthly.How much money will the baby have in her account when she turns 18?
A young couple had their first baby on January 1, 2024. When the baby was 15 days old, the parents made the first deposit of $800.00. and they will continue to make deposits for the same amount every fortnight, the last deposit was made on the day the baby turns 18 years old.The money is deposited in an account that pays 14% annually convertible monthly.How much money will the baby have in her account when she turns 18?
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 young couple had their first baby on January 1, 2024. When the baby was 15 days old, the parents made the first deposit of $800.00. and they will continue to make deposits for the same amount every fortnight, the last deposit was made on the day the baby turns 18 years old.
The money is deposited in an account that pays 14% annually convertible monthly.
How much money will the baby have in her account when she turns 18?
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