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college101

  • 3 years ago

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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  1. tkhunny
    • 3 years ago
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    \($5,000\cdot 1.05^{14}\)?

  2. tkhunny
    • 3 years ago
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    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.

  3. college101
    • 3 years ago
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    c) $9,899.66

  4. tkhunny
    • 3 years ago
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    Sweet. What else have you?

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