Bob Terwilliger received $18,351 for his services as financial consultant to the mayor's office of his hometown of Springfield. Bob says that his consulting work was his civic duty and that he should not receive any compensation. So, he has invested his paycheck into an account paying 4.22 percent annual interest and left the account in his will to the city of Springfield on the condition that the city could not collect any money from the account for 180 years. How much money will the city receive in 180 years from Bob's generosity?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Bob Terwilliger received $18,351 for his services as financial consultant to the mayor's office of
his hometown of Springfield. Bob says that his consulting work was his civic duty and that he
should not receive any compensation. So, he has invested his paycheck into an account
paying 4.22 percent annual interest and left the account in his will to the city of Springfield on
the condition that the city could not collect any money from the account for 180 years. How
much money will the city receive in 180 years from Bob's generosity?
Transcribed Image Text:Bob Terwilliger received $18,351 for his services as financial consultant to the mayor's office of his hometown of Springfield. Bob says that his consulting work was his civic duty and that he should not receive any compensation. So, he has invested his paycheck into an account paying 4.22 percent annual interest and left the account in his will to the city of Springfield on the condition that the city could not collect any money from the account for 180 years. How much money will the city receive in 180 years from Bob's generosity?
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