At the time of her grandson's birth, a grandmother deposits $1000 in an account that pays 8% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits orwithdrawals are made during this period?The value of the account will be $(Round to the nearest dollar as needed.)Enter your answer in the answer box.9:52 PMP Type here to search82°F Partly cloudy ^ @ G D 40)99+6/30/2021DELLF11F12PrtScrInsertDeletePgDnF4F5F6F7F8F9F10F3NumBackspace7

Given $1000 in an account that pays 8% compounded monthly.

Answered: The value of the account will be S…

Math

Algebra

The value of the account will be S (Round to the nearest dollar as needed.)

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

ChapterP: Prerequisites

SectionP.9: Modeling With Equations

Problem 2E

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Concept explainers

Equations and Inequations

Equations and inequalities describe the relationship between two mathematical expressions.

Linear Functions

A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.

Question

At the time of her grandson's birth, a grandmother deposits $1000 in an account that pays 8% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or
withdrawals are made during this period?
The value of the account will be $
(Round to the nearest dollar as needed.)
Enter your answer in the answer box.
9:52 PM
P Type here to search
82°F Partly cloudy ^ @ G D 40)
99+
6/30/2021
DELL
F11
F12
PrtScr
Insert
Delete
PgDn
F4
F5
F6
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F10
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Num
Backspace
7

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