Your grandfather put some money in an account for you on the day you were born....

 

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Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $5, 800 in it and pays an interest rate of 3.5% per annum. A) How much money would be in the account if you left the money there until your 29th birthday? The amount that would be in the account if you left the money there until your 29th birthday would be $ . (Round your answer to the nearest whole dollar) B) What if you left the money in the account until your 63th birthday? If you left the money in the account until your 63th birthday, the future value would be $ (Round your answer to the nearest whole dollar) C) How much money did your grandfather originally put in the account? The amount of money your grandfather originally put in the account was $ (Round your answer to the nearest whole dollar) Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $5, 800 in it and pays an interest rate of 3.5% per annum. A) How much money would be in the account if you left the money there until your 29th birthday? The amount that would be in the account if you left the money there until your 29th birthday would be $ . (Round your answer to the nearest whole dollar) B) What if you left the money in the account until your 63th birthday? If you left the money in the account until your 63th birthday, the future value would be $ (Round your answer to the nearest whole dollar) C) How much money did your grandfather originally put in the account? The amount of money your grandfather originally put in the account was $ (Round your answer to the nearest whole dollar)

Answer rating: 100% (QA)

A To calculate the future value of the account when you reach your 29th birthday we can use the form... View the full answer