Helen and Hugh Kendrick decide to give Amanda, their 20-year old daughter, an extended birthday gift. They deposit 2,000 TL in her name on her next five birthdays at a nominal rate of 8% compounded annually, and then they stop the annual deposits. Amanda leaves the accumulated amount invested at 8%. How much does Amanda have when she turns 45?

Answer rating: 100% (QA)

To solve this problem we can use the formula for the future value of an annuity c... View the full answer