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A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is ...

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A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is ...

Question 1.

If you placed $1 into an account that paid interest at a rate of 5% and compounded the interest monthly, how much would that account be worth in 300 years?

▸ $3.48

▸ $1,584,357.24

▸ $1793.99

▸ $3,168,714.47

Question 2.

A mother invests $9000 in a bank account at the time of her daughter's birth. The interest is compounded quarterly at a rate of 7%. What will be the value of the daughter's account on her twentieth birthday, assuming no other deposits or withdrawals are made during this period?

▸ $50,400.00

▸ $2524.03

▸ $10,096.10

▸ $36,057.53

Textbook

Thinking Mathematically

Edition: 6^th

Author: Blitzer

Read 930 times

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