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I NEED A GOOD AND DETAIL EXPLANATION AND I NEED Calculations, Formulas and Graphs that support the answers. PLEASE THANK YOU.

1. The parents of a newborn girl decide to place $10,000 in a bank today with the aim of forming a fund to finance their education.

a) If the interest rate earned on the deposit is 6 per cent per year, composed every 30 days, how much money will the girl have when she is 12 and starts secondary school?Suppose a year of 365 days.
b) How much will you have in 17 years when you start college?

Posted Date: May 16, 2024 04:12 PM

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