At the time of her grandson's birth, a grandmother deposits $7000 in an account that pays 9.5% 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? Click the icon to view some finance formulas. The value of the account will be $ (Round to the nearest dollar as needed.)

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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At the time of her grandson's birth, a grandmother deposits $7000 in an account that pays 9.5% 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?
G Click the icon to view some finance formulas.
The value of the account will be $.
(Round to the nearest dollar as needed.)
O Time Remaining: 01:12:24
Next
W 4:17
SAMSUNG
esc
back
大
%23
8.
3
4
i
tab
Transcribed Image Text:At the time of her grandson's birth, a grandmother deposits $7000 in an account that pays 9.5% 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? G Click the icon to view some finance formulas. The value of the account will be $. (Round to the nearest dollar as needed.) O Time Remaining: 01:12:24 Next W 4:17 SAMSUNG esc back 大 %23 8. 3 4 i tab
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