document.write( "Question 1210581: At the time of her grandson's birth, a grandmother deposits
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\n" ); document.write( "6% 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?
\n" ); document.write( "The value of the account will be $? \n" ); document.write( "

Algebra.Com's Answer #854026 by ikleyn(53742) $\"\"$ $\"About$

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\n" ); document.write( "Money_Word_Problems/1210581: At the time of her grandson's birth, a grandmother deposits
\n" ); document.write( "$ 11,000
\n" ); document.write( "$11,000 in an account that pays
\n" ); document.write( "6 %
\n" ); document.write( "6% compounded monthly. What will be the value of the account at the child's twenty-first birthday,
\n" ); document.write( "assuming that no other deposits or withdrawals are made during this period?
\n" ); document.write( "The value of the account will be $?
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document.write( "First birthday is after 1 year from the day of the birth.\r\n" );
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document.write( "Second birthday is after 2 years from the day of the birth.\r\n" );
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document.write( " . . . . . . . .\r\n" );
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document.write( "21-th birthday is after 21 year from the day of the birth.\r\n" );
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document.write( "So, the question is about the Future value of the deposit after 21 year.\r\n" );
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document.write( "The formula to calculate is\r\n" );
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document.write( "    FV =  = 38658.08  dollars  (rounded).\r\n" );
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document.write( "ANSWER.  Future value at the twenty-first birthday will be 38,658.08 dollars.\r\n" );
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