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

Answer rating: 100% (QA)

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