Your grandparents put $1,000 into a saving account for you when you were born 25 years ago.
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Question:
- Your grandparents put $1,000 into a saving account for you when you were born 25 years ago. This account has been earning interest at a compound rate of 8%. Fill out the table below. What is its value today?
| Amount | Interest | End of year | ||||||
| Year | Deposited | Earned | Balance | |||||
| 0 | 1,000.00 | 0.00 | 1,000.00 | |||||
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The amount saved should be about $6,848.48
Expert Answer:
To calculate the value of the savings account over the 25 years with compound interest at ... View the full answer
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