Ann's grandmother put some money in an account for her on the day she was born. She is now 18 years old and is allowed to withdraw the money for the first time. The account currently has Ksh400,000 in it and pays an 8% per annum interest rate. i. Calculate how much money would be in the account if she left the money there until her 70th birthday.
Ann's grandmother put some money in an account for her on the day she was born. She is now 18 years old and is allowed to withdraw the money for the first time. The account currently has Ksh400,000 in it and pays an 8% per annum interest rate. i. Calculate how much money would be in the account if she left the money there until her 70th birthday.
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 14MCQ
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Transcribed Image Text:Ann's grandmother put some money in an account for her on the day she was born. She
is now 18 years old and is allowed to withdraw the money for the first time. The account
currently has Ksh400,000 in it and pays an 8% per annum interest rate.
i. Calculate how much money would be in the account if she left the money there
until her 70th birthday.
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