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Andrew and Emma Garfield invested $8,000 in a savings account paying 5% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 18 (including her 18th birthday). Click here to view the factor table. How much was in the savings account on her 18th 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 18th birthday $

Andrew and Emma Garfield invested $8,000 in a savings account paying 5% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 18 (including her 18th birthday). Click here to view the factor table. How much was in the savings account on her 18th 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 18th birthday $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Andrew and Emma Garfield invested $8,000 in a savings account paying 5% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 18 (including her 18th birthday). Click here to view the factor table. How much was in the savings account on her 18th 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 18th birthday $
Transcribed Image Text:Andrew and Emma Garfield invested $8,000 in a savings account paying 5% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 18 (including her 18th birthday). Click here to view the factor table. How much was in the savings account on her 18th 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 18th birthday $
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