A newborn child receives a $9,000 gift toward a college education from her grandparents. How much will the $9,000 be worth in 20 years if it is invested at 6.4% compounded quarterly? It will be worth (Round to the nearest cent.)

A newborn child receives a $9,000 gift toward a college education from her grandparents. How much will the $9,000 be worth in 20 years if it is invested at 6.4% compounded quarterly? It will be worth (Round to the nearest cent.)

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section: Chapter Questions

Problem 2DTM

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A newborn child receives a $9,000 gift toward a college education from her grandparents. How much will the $9,000
be worth in 20 years if it is invested at 6.4% compounded quarterly?
It will be worth $. (Round to the nearest cent.)

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