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

Algebra ->  Percentages: Solvers, Trainers, Word Problems and pie charts -> 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       Log On


   

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) About Me  (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.