A father opened a savings account for his daughter on the day she was born, depositing $1200. Each year on her birthday he deposits another $1200, making that last deposit on her 24th birthday. If the account pays 4.25% interest compounded annually, how much is in the account at the end of the day on his daughter's 24th birthday? How much interest has been earned? There is $ in the account at the end of the day on her 24th birthday. (Type an integer or a decimal. Round to the nearest cent as needed.)
A father opened a savings account for his daughter on the day she was born, depositing $1200. Each year on her birthday he deposits another $1200, making that last deposit on her 24th birthday. If the account pays 4.25% interest compounded annually, how much is in the account at the end of the day on his daughter's 24th birthday? How much interest has been earned? There is $ in the account at the end of the day on her 24th birthday. (Type an integer or a decimal. Round to the nearest cent as needed.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 24P
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Transcribed Image Text:A father opened a savings account for his daughter on the day she was born, depositing $1200. Each year on her
birthday he deposits another $1200, making that last deposit on her 24th birthday. If the account pays 4.25% interest
compounded annually, how much is in the account at the end of the day on his daughter's 24th birthday? How much
interest has been earned?
There is $ in the account at the end of the day on her 24th birthday.
(Type an integer or a decimal. Round to the nearest cent as needed.)
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