A newborn child receives a $9,000 gift toward a college education from her grandparents. How much will the $9,000 be worth in 20 years if it is invested at 6.4% compounded quarterly? It will be worth (Round to the nearest cent.)

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.18E
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A newborn child receives a $9,000 gift toward a college education from her grandparents. How much will the $9,000
be worth in 20 years if it is invested at 6.4% compounded quarterly?
It will be worth $. (Round to the nearest cent.)
Transcribed Image Text:A newborn child receives a $9,000 gift toward a college education from her grandparents. How much will the $9,000 be worth in 20 years if it is invested at 6.4% compounded quarterly? It will be worth $. (Round to the nearest cent.)
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