Bobby's grandmother deposited $100 in a savings account for him when he was born. The money has been earning an annual rate of 12% interest, compounded quarterly, for the last 25 years. He is getting married and would like to take his new wife on a holiday. How much does he have today in the account to use? Round your answer to two decimal places. Do not include commas, spaces or $ in your answer.

Bobby's grandmother deposited $100 in a savings account for him when he was born. The money has been earning an annual rate of 12% interest, compounded quarterly, for the last 25 years. He is getting married and would like to take his new wife on a holiday. How much does he have today in the account to use? Round your answer to two decimal places. Do not include commas, spaces or $ in your answer.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 16PROB

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Question 31

Round your answer to two decimal places. Do not include commas, spaces or $ in your answer.

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