A grandmother deposited $5,000 in an account that pays 5% per year compounded annually when her granddaughter was born. What will the value of the account be when the granddaughter reaches her 14th birthday? a) $9,879.66 b) $9,869.66 c) $9,899.66 d) $9,929.66 e) $9,889.66 f) None of the above.

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A grandmother deposited $5,000 in an account that pays 5% per year compounded annually when her granddaughter was born. What will the value of the account be when the granddaughter reaches her 14th birthday? a) $9,879.66 b) $9,869.66 c) $9,899.66 d) $9,929.66 e) $9,889.66 f) None of the above.

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\($5,000\cdot 1.05^{14}\)?
What did you get? Was there anything about that little formula that you could not have done on your own? Let's see another one and show your work.
c) $9,899.66

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Sweet. What else have you?

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