Four years ago my daughter was born. On that day I started making annual deposits of $5000 into an account that earns 10% a year. On her 9th birthday I will increase the annual deposits to $8000. I intent my final deposit to be on her 18th birthday. How much will be in her account on her 21st birthday (within $50 of the solution below)? O 404,001.85 O 404,101.85 404,201.85
Four years ago my daughter was born. On that day I started making annual deposits of $5000 into an account that earns 10% a year. On her 9th birthday I will increase the annual deposits to $8000. I intent my final deposit to be on her 18th birthday. How much will be in her account on her 21st birthday (within $50 of the solution below)? O 404,001.85 O 404,101.85 404,201.85
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 14P
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Transcribed Image Text:Four years ago my daughter was born. On that day I started making annual deposits
of $5000 into an account that earns 10% a year. On her 9th birthday I will increase
the annual deposits to $8000. I intent my final deposit to be on her 18th birthday.
How much will be in her account on her 21st birthday (within $50 of the solution
below)?
O 404,001.85
O 404,101.85
404,201.85
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