At the time of her grandson's birth, a grandmother deposits $13,000in an account that pays 2% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period? Question content area bottom Part 1 The value of the account will be $_____________ . (Round to the nearest dollar as needed.)
At the time of her grandson's birth, a grandmother deposits $13,000in an account that pays 2% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period? Question content area bottom Part 1 The value of the account will be $_____________ . (Round to the nearest dollar as needed.)
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section: Chapter Questions
Problem 8CC
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Question
At the time of her grandson's birth, a grandmother deposits $13,000in an account that pays 2%
compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
Question content area bottom
Part 1
The value of the account will be
$_____________
.
(Round to the nearest dollar as needed.)
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