Ever since your first birthday, your parents have been depositing $1,000 into a college savings account on every one of your birthdays. The account pays 7% interest annually. Immediately after your parents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to which of the following?

Ever since your first birthday, your parents have been depositing $1,000 into a college savings account on every one of your birthdays. The account pays 7% interest annually. Immediately after your parents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to which of the following?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Your grandmother has been putting $1,000 into a savings account on every birthday since your first (that is, when you turned one). The account pays an interest rate of 3%. How much money will be in the account immediately after your grandmother makes the deposit on your 18th birthday
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