On Janet's first birthday, her parents deposited $2,000 into a savings account that earns a fixed...

  

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On Janet's first birthday, her parents deposited $2,000 into a savings account that earns a fixed rate of 6.00% and compounds interest annually. By Janet's 20th birthday, her account will have accumulated $ (Hint: Round your answer to the nearest cent.) What-If Scenario If Janet's parents had waited until her 10th birthday to make their initial deposit of $2,000 into the same account, by Janet's 20th birthday, the balance would have been $ (Hint: Round your answer to the nearest cent.) Periods 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 1.3609 1.4071 1.4547 1.5036 1.5540 1.6058 1.6590 1.4221 1.4775 1.5347 1.5938 1.6550 1.7182 1.7835 1.4861 1.5513 1.6191 1.6895 1.7626 1.8385 1.9172 1.8771 1.9672 2.0610 1.9992 2.1049 2.2156 2.3316 1.5530 1.6289 1.7000 1.7908 1.8983 1.6229 1.7103 1.8021 1.6959 1.7959 1.8832 2.0122 2.1291 2.2522 2.3818 2.5182 1.7722 1.8856 1.9868 2.1329 2.2675 2.4098 2.5604 7 8 9 10 11 12 Interest Factors 13 8.00% 8.50% 9.00% 1.7138 1.7701 1.8280 1.9926 1.8509 1.9206 1.9990 2.0839 2.1719 2.1589 2.2610 2.3674 2.4532 2.5804 2.6617 2.8127 2.8879 3.0658 2.7196 14 15 16 17 18. 19 20 21 22 1.8519 1.9799 2.0961 2.7524 2.9372 3.3134 3.3417 1.9353 2.0789 2.2609 2.4149 2.5785 2.3966 2.5718 2.7590 2.9589 3.1722 3.3997 3.6425 2.5404 2.7390 2.9522 3.1808 3.4259 2.0224 2.1829 2.3553 3.6887 3.9703 2.6928 3.7000 4.0023 4.3276 2.1134 2.2920 2.4848 2.9170 2.2085 2.4066 2.6215 2.8543 3.1067 3.0256 3.3086 3.1588 3.4194 3.3799 3.6758 3.9960 4.3425 4.7171 2.3079 2.5270 2.7656 3.6165 3.9515 4.3157 4.7116 5.1417 2.4117 2.6533 2.9178 4.2479 4.6610 5.1120 5.6044 2.5202 2.7860 4.5664 5.0338 5.5466 6.1088 2.6337 2.9253 3.2475 4.9089 5.4365 6.0180 6.6586 2.2114 3.0782 3.2071 3.3996 3.6035 3.5236 3.8697 3.7527 4.1406 3.9966 4.4304 On Janet's first birthday, her parents deposited $2,000 into a savings account that earns a fixed rate of 6.00% and compounds interest annually. By Janet's 20th birthday, her account will have accumulated $ (Hint: Round your answer to the nearest cent.) What-If Scenario If Janet's parents had waited until her 10th birthday to make their initial deposit of $2,000 into the same account, by Janet's 20th birthday, the balance would have been $ (Hint: Round your answer to the nearest cent.) Periods 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 1.3609 1.4071 1.4547 1.5036 1.5540 1.6058 1.6590 1.4221 1.4775 1.5347 1.5938 1.6550 1.7182 1.7835 1.4861 1.5513 1.6191 1.6895 1.7626 1.8385 1.9172 1.8771 1.9672 2.0610 1.9992 2.1049 2.2156 2.3316 1.5530 1.6289 1.7000 1.7908 1.8983 1.6229 1.7103 1.8021 1.6959 1.7959 1.8832 2.0122 2.1291 2.2522 2.3818 2.5182 1.7722 1.8856 1.9868 2.1329 2.2675 2.4098 2.5604 7 8 9 10 11 12 Interest Factors 13 8.00% 8.50% 9.00% 1.7138 1.7701 1.8280 1.9926 1.8509 1.9206 1.9990 2.0839 2.1719 2.1589 2.2610 2.3674 2.4532 2.5804 2.6617 2.8127 2.8879 3.0658 2.7196 14 15 16 17 18. 19 20 21 22 1.8519 1.9799 2.0961 2.7524 2.9372 3.3134 3.3417 1.9353 2.0789 2.2609 2.4149 2.5785 2.3966 2.5718 2.7590 2.9589 3.1722 3.3997 3.6425 2.5404 2.7390 2.9522 3.1808 3.4259 2.0224 2.1829 2.3553 3.6887 3.9703 2.6928 3.7000 4.0023 4.3276 2.1134 2.2920 2.4848 2.9170 2.2085 2.4066 2.6215 2.8543 3.1067 3.0256 3.3086 3.1588 3.4194 3.3799 3.6758 3.9960 4.3425 4.7171 2.3079 2.5270 2.7656 3.6165 3.9515 4.3157 4.7116 5.1417 2.4117 2.6533 2.9178 4.2479 4.6610 5.1120 5.6044 2.5202 2.7860 4.5664 5.0338 5.5466 6.1088 2.6337 2.9253 3.2475 4.9089 5.4365 6.0180 6.6586 2.2114 3.0782 3.2071 3.3996 3.6035 3.5236 3.8697 3.7527 4.1406 3.9966 4.4304

Answer rating: 100% (QA)

aTo find the balance in Janets account on her 20th birthday we need to calculate the interest earned ... View the full answer