Your grandfather put some money in an account for you on the day you were...

60.1K

Verified Solution

Question

Finance

image
Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to the money for the first time. The account currently has $9,843 in it and pays an 3% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthplay? c. How much money did your grandfather originally put in the account? a. How much money would be in the account if you left the money there until your 25th birthday? The amount that would be in the account if you left the money there until your 25th birthday would be $. (Round to the nearest b. What if you left the money until your 65th birthday? If you left the money in the account until your 65th birthday, the future value would be $. (Round to the nearest dollar.) c. How much money did your grandfather originally put into the account? The amount of money your grandfather originally put into the account was s (Round to the nearest dollar.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students