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

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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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 needed.)
Transcribed Image Text: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 needed.)
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