Michael and Barbara Garfield invested $6,600 in a savings account paying 6% 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. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much was in the savings account on her 18th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.) Amount on 18th birthday $ 36838.64
Michael and Barbara Garfield invested $6,600 in a savings account paying 6% 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. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) How much was in the savings account on her 18th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.) Amount on 18th birthday $ 36838.64
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Munabhai
Transcribed Image Text:Michael and Barbara Garfield invested $6,600 in a savings account paying 6% 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.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
How much was in the savings account on her 18th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)
Amount on 18th birthday
$
36838.64
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