Melinda opened a savings account for her daughter on ? day she depositing $1,000: Each year on her birthday she deposits another $1,000 making the last the was born, deposit on her 21st birthday. The асcount рays 9.5% interest compounded annually. Find the total amount accumulated in the account at the end of the day on the daughters (answer in whole number) 21st birthday.

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
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Melinda opened a savings
account for her daughter on ?
the day she
was
born,
depositing $1,000: Each year
on her birthday she deposits
another $1,000 making the last
deposit on her 21st birthday.
The
асcount
рays
9.5%
interest compounded annually.
Find
the
total
amount
accumulated in the account at
the end of the day on the
daughters
21st
birthday.
(answer in whole number)
Transcribed Image Text:Melinda opened a savings account for her daughter on ? the day she was born, depositing $1,000: Each year on her birthday she deposits another $1,000 making the last deposit on her 21st birthday. The асcount рays 9.5% interest compounded annually. Find the total amount accumulated in the account at the end of the day on the daughters 21st birthday. (answer in whole number)
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