SOLUTION: At the time of her grandson's birth, a grandmother deposits $ 9000$in an account that pays 3 % compounded monthly. What will be the value of the account at the child's twenty-first

Question 1101732: At the time of her grandson's birth, a grandmother deposits $ 9000$in an account that pays 3 % 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?
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

annual interest rate: 3% = .03
monthly interest rate: .03/12 = .0025
monthly growth factor: 1+.0025 = 1.0025 (the amount grows by a factor of 1.0025 each month)

Value of $9000 after 21 years (252 months):
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