James and Mary Garfield invested $5,000 in a savings account paying 4% annual interest when their daughter, Patricia, was born. Theyalso deposited $1,000 on each of her birthdays until she was 14 (including her 14th birthday).Click here to view the factor table.How much was in the savings account on her 14th birthday (after the last deposit)? (For calculation purposes, use 5 decimal places asdisplayed in the factor table provided. Round answer to 2 decimal places, e.g. 25.25.)Amount on 14th birthday$

Series of deposit are called the annuity amount, The annuity deposits are multiplied by the future…

Answered: Amount on 14th birthday

Business

Accounting

Amount on 14th birthday

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

James and Mary Garfield invested $5,000 in a savings account paying 4% annual interest when their daughter, Patricia, was born. They
also deposited $1,000 on each of her birthdays until she was 14 (including her 14th birthday).
Click here to view the factor table.
How much was in the savings account on her 14th birthday (after the last deposit)? (For calculation purposes, use 5 decimal places as
displayed in the factor table provided. Round answer to 2 decimal places, e.g. 25.25.)
Amount on 14th birthday
$

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