Muhammad's grandfather has been contributing to a savings account for his education. Each year on his birthda he contributed $488.90 starting on the day he was born, and ending on the day he turned 14. The account pays 5.375% compounded monthly. If he doesn't start university until his 18 birthday, how much money will be in the account to help pay his tuition O a. X= $14,401.78. O b. X= $12,363.79. O c. None of the other answers is correct. O d. X $13,586.59. O e. X = $14,335.13.
Muhammad's grandfather has been contributing to a savings account for his education. Each year on his birthda he contributed $488.90 starting on the day he was born, and ending on the day he turned 14. The account pays 5.375% compounded monthly. If he doesn't start university until his 18 birthday, how much money will be in the account to help pay his tuition O a. X= $14,401.78. O b. X= $12,363.79. O c. None of the other answers is correct. O d. X $13,586.59. O e. X = $14,335.13.
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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4. math of interest. please solve correctly. Not graded question. My answer is c or d. please check
Transcribed Image Text:Muhammad's grandfather has been contributing to a savings account for his education. Each year on his birthday,
he contributed $488.90 starting on the day he was born, and ending on the day he turned 14. The account pays
5.375% compounded monthly. If he doesn't start university until his 18 birthday, how much money will be in the
account to help pay his tuition
a. X = $14,401.78.
O b. X $12,363.79.
C.
None of the other answers is correct.
d. X $13,586.59.
O e. X = $14,335.13.
Certainty OC=1 (Unsure: <67%) OC=2 (Mid: >67%) OC-3 ( Quite sure: >80%)
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