Helen can earn 3% interest in her savings account. Her daughter Roberta is 11 years old today. Suppose Helen deposits $4000 today, and one year from today she deposits $1000. Each year she increases her deposit by $500 until she makes her last deposit on Roberta’s 18th birthday. How much is on deposit after the 18th birthday, and what is the annual equivalent of her deposits?

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A: the answer with complete calculation are as follows

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A: Annual deposit (P) = $2000 Interest rate (r) = 12% Period (n) = 8  Years

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A: Computation:

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A: It will take 6.69 years for Jacob to reach 6500 dollars

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A: Computation:

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A: The answer has been mentioned below.

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