Today is Nitas 7th birthday. Nitas grandfather, Joe, gave her a special gift. In order to help
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Today is Nita’s 7th birthday. Nita’s grandfather, Joe, gave her a special gift. In order to help pay for her post-secondary education, Joe invested $25,000 for Nita. The money will be kept in trust, and Nita will have access to the funds when she turns 18. Assuming a nominal, annual rate of return of 4.5%, how much will Nita’s investment be worth on her 18thbirthday?
a) $37,152
b) $38,824
c) $40,571
d) $42,397
Related Book For
Statistics for Business Decision Making and Analysis
ISBN: 978-0321890269
2nd edition
Authors: Robert Stine, Dean Foster
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