(Related to Checkpoint 5.2) (Future value) Bob Terwilliger received $13,742 for his services as financial consultant to the mayor's office of his hometown of Springfield. Bob says that his consulting work was his civic duty and that he should not receive any compensation. So, he has invested his paycheck into an account paying 4.45 percent annual interest and left the account in his will to the city of Springfield on the condition that the city could not collect any money from the account for 190 years. How much money will the city receive in 190 years from Bob's generosity? The amount of money the city will receive in 190 years from Bob's generosity is (Round to the nearest cent.)
(Related to Checkpoint 5.2) (Future value) Bob Terwilliger received $13,742 for his services as financial consultant to the mayor's office of his hometown of Springfield. Bob says that his consulting work was his civic duty and that he should not receive any compensation. So, he has invested his paycheck into an account paying 4.45 percent annual interest and left the account in his will to the city of Springfield on the condition that the city could not collect any money from the account for 190 years. How much money will the city receive in 190 years from Bob's generosity? The amount of money the city will receive in 190 years from Bob's generosity is (Round to the nearest cent.)
Chapter28: Income Taxati On Of Trusts And Estates
Section: Chapter Questions
Problem 9DQ
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Transcribed Image Text:(Related to Checkpoint 5.2) (Future value) Bob Terwilliger received $13,742 for his services as financial consultant to the mayor's office of his hometown of Springfield. Bob says that his consulting work was his civic duty and that he should not receive any compensation. So, he has invested his
paycheck into an account paying 4.45 percent annual interest and left the account in his will to the city of Springfield on the condition that the city could not collect any money from the account for 190 years. How much money will the city receive in 190 years from Bob's generosity?
The amount of money the city will receive in 190 years from Bob's generosity is
(Round to the nearest cent.)
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