Amount on 14th birthday
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:James and Mary Garfield invested $5,000 in a savings account paying 4% annual interest when their daughter, Patricia, was born. They
also deposited $1,000 on each of her birthdays until she was 14 (including her 14th birthday).
Click here to view the factor table.
How much was in the savings account on her 14th birthday (after the last deposit)? (For calculation purposes, use 5 decimal places as
displayed in the factor table provided. Round answer to 2 decimal places, e.g. 25.25.)
Amount on 14th birthday
$
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