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2 years ago

13

A grandmother deposited $4,000 in an account that pays 5% per year compounded annually when her granddaughter was born. What wil

l the value of the account be when the granddaughter reaches her 13th birthday?

1 answer:

Leya [2.2K]2 years ago

4 0

A = P (1 + r/n)^nt
A = 4000(1 + 0.05/1)^(13)(1)
A = $7542.59

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