1. Your great-grandfather leaves you an inheritance of $10,000. You deposit it in an account earning an APR of 4% compounded daily. How much will be in the account after 40 years?

2. You want to save up $15,000 for a down payment on a house. How much would you have to deposit each month into an account with an APR of 3.2% in order to accumulate the down payment in 5 years?

 

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Solving your inheritance and savings goals 1 Inheritance and Compound Interest We can use the compou... View the full answer