Gilberto opened a savings account for his daughter and deposited $1300 on the day she was born. Each year on her birthday, he deposited another $1300. If the account pays 10% interest, compounded annually, how much is in the account at the end of the day on her 7th birthday? At the end of the day on her 7th birthday, the amount in the account is $. (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if neede
Gilberto opened a savings account for his daughter and deposited $1300 on the day she was born. Each year on her birthday, he deposited another $1300. If the account pays 10% interest, compounded annually, how much is in the account at the end of the day on her 7th birthday? At the end of the day on her 7th birthday, the amount in the account is $. (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if neede
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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