SOLUTION: At the time of her grandsons birth, a grandmother deposits 4000 in an account that pays 6.5% compounded monthly. What will be the value of the account at the child's twenty-first

SOLUTION: At the time of her grandsons birth, a grandmother deposits 4000 in an account that pays 6.5% compounded monthly. What will be the value of the account at the child's twenty-first

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Question 138379: At the time of her grandsons birth, a grandmother deposits 4000 in an account that pays 6.5% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other withdrawls or deposits were made during this period?
thanks u
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
4000(1+.065/12)^21*12
4000(1+0054)^252
4000(1.0054)^252
4000*3.9
$15,605 answer.

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