Since your birth, your father has been depositing $2,500 every year in his bank account for your university education expenses with 9% per year rate of retum It has been 18 years and you graduated from high school. What will be the amount of money your father will be receiving trom his savings account? Select one: O a. $45,000 O b.$103,253 OC $11,792 O d. None O e. $21,889

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.57TI: What is the total effect on the economy of a government tax rebate of $1,000 to each household in...
icon
Related questions
icon
Concept explainers
Topic Video
Question
100%
Since your birth, your father has been depositıng $2,500 every year in his bank account for your university
education expenses with 9% per year rate of return. It has been 18 years and you graduated from high schol.
What will be the amount of money your father will be receiving from his savings account?
Select one:
O a. $45,000
O b. $103,253
OC $11,792
O d. None
O e. $21,889
Transcribed Image Text:Since your birth, your father has been depositıng $2,500 every year in his bank account for your university education expenses with 9% per year rate of return. It has been 18 years and you graduated from high schol. What will be the amount of money your father will be receiving from his savings account? Select one: O a. $45,000 O b. $103,253 OC $11,792 O d. None O e. $21,889
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Application of Algebra
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College