When you were born, your parents deposited $10,000 in the bank. The bank offers a fixed interest rate of 4 percent. On your eighteenth birthday, your parents decide to withdraw the money that they deposited to pay for your college tuition. How much money can they expect to withdraw? Assume that interest is compounded annually.

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When you were born, your parents deposited $10,000 in the bank. The bank offers a fixed interest rate of 4 percent. On your eighteenth birthday, your parents decide to withdraw the money that they deposited to pay for your college tuition. How much money can they expect to withdraw? Assume that interest is compounded annually.
Related Book For answer-question

Microeconomics

Global Edition 1st Edition

Authors: David Laibson, John List

ISBN: 978-1292079578