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Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money. The account currently has $3,996 in it and pays an 8% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put into the account? a. How much money would be in the account if you left the money there until your 25th birthday? The amount that would be in the account if you left the money there until your 25th birthday would be $ b. What if you left the money until your 65th birthday? If you left the money in the account until your 65th birthday, the future value would be $ c. How much money did your grandfather originally put into the account? The amount of money your grandfather originally put into the account was $ (Round to the nearest dollar.) (Round to the nearest dollar.) (Round to the nearest dollar.)

Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money. The account currently has $3,996 in it and pays an 8% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put into the account? a. How much money would be in the account if you left the money there until your 25th birthday? The amount that would be in the account if you left the money there until your 25th birthday would be $ b. What if you left the money until your 65th birthday? If you left the money in the account until your 65th birthday, the future value would be $ c. How much money did your grandfather originally put into the account? The amount of money your grandfather originally put into the account was $ (Round to the nearest dollar.) (Round to the nearest dollar.) (Round to the nearest dollar.)

Essentials Of Investments
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
Section: Chapter Questions
Problem 1PS
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Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money. The account currently has $3,996 in it and pays an 8% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put into the account? a. How much money would be in the account if you left the money there until your 25th birthday? The amount that would be in the account if you left the money there until your 25th birthday would be $ (Round to the nearest dollar.) b. What if you left the money until your 65th birthday? If you left the money in the account until your 65th birthday, the future value would be $ c. How much money did your grandfather originally put into the account? The amount of money your grandfather originally put into the account was $ (Round to the nearest dollar.) (Round to the nearest dollar.)
Transcribed Image Text:Your grandfather put some money into an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money. The account currently has $3,996 in it and pays an 8% interest rate. a. How much money would be in the account if you left the money there until your 25th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put into the account? a. How much money would be in the account if you left the money there until your 25th birthday? The amount that would be in the account if you left the money there until your 25th birthday would be $ (Round to the nearest dollar.) b. What if you left the money until your 65th birthday? If you left the money in the account until your 65th birthday, the future value would be $ c. How much money did your grandfather originally put into the account? The amount of money your grandfather originally put into the account was $ (Round to the nearest dollar.) (Round to the nearest dollar.)
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