How much money does John have to reinvest from his father‘s account.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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How much money does John have to reinvest from his father‘s account.
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Jon was born on March 1, 1983. On the day he was
born, Jon's grandfather made an investment of $1,000
in Jon's name at a simple interest rate of 8%. On
Jon's first birthday, his father opened an investment
account for Jon at a different bank with an initial deposit
of $2,500. This account has a compound annual
interest rate of 4.5%. Jon learns about these accounts
after finishing graduate school and decides to close the
accounts on September 1, 2018 and reinvest the
money into his retirement account.
US
Transcribed Image Text:Submit Jon was born on March 1, 1983. On the day he was born, Jon's grandfather made an investment of $1,000 in Jon's name at a simple interest rate of 8%. On Jon's first birthday, his father opened an investment account for Jon at a different bank with an initial deposit of $2,500. This account has a compound annual interest rate of 4.5%. Jon learns about these accounts after finishing graduate school and decides to close the accounts on September 1, 2018 and reinvest the money into his retirement account. US
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