As a savings program toward their child’s college education, parents decide to deposit 100 dollars at the end of every month into a bank account paying interest at the rate of 6% per year compounded monthly. If the savings program began when the child was 6 years old, how much money would have accumulated by the time the child turns 18?
As a savings program toward their child’s college education, parents decide to deposit 100 dollars at the end of every month into a bank account paying interest at the rate of 6% per year compounded monthly. If the savings program began when the child was 6 years old, how much money would have accumulated by the time the child 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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As a savings program toward their child’s college education, parents decide to deposit 100 dollars at the end of every month into a bank account paying interest at the rate of 6% per year compounded monthly. If the savings program began when the child was 6 years old, how much money would have accumulated by the time the child turns 18?
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