berto opened a savings account for his daughter and Dosited $800 on the day she was born. Each year on birthday, he deposited another $800. If the account ys 10.5% interest, compounded annually, how much is he account at the end of the day on her 14th birthday? At the end of the day on her 14th birthday, the amount in the account is $ (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.)
berto opened a savings account for his daughter and Dosited $800 on the day she was born. Each year on birthday, he deposited another $800. If the account ys 10.5% interest, compounded annually, how much is he account at the end of the day on her 14th birthday? At the end of the day on her 14th birthday, the amount in the account is $ (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Gilberto opened a savings account for his daughter and
deposited $800 on the day she was born. Each year on
her birthday, he deposited another $800. If the account
pays 10.5% interest, compounded annually, how much is
in the account at the end of the day on her 14th birthday?
At the end of the day on her 14th birthday, the
amount in the account is $.
(Simplify your answer. Type an integer or a
decimal. Round to the nearest cent if needed.)
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