klwilliams5 klwilliams5

04-07-2021
Mathematics

contestada

At the time of her grandson's birth, a grandmother deposits $3000 in an account that pays 9.5% 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?

Respuesta :

maferlindo05 maferlindo05

04-07-2021

Answer:

74820

Step-by-step explanation:

9.5% of 3000 is 285

there are 12 months in a year

so 12 times 21 equals 252

so 285 times 252 add 3000 equals 74820

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