This Question: 1 pt 6 of 20 This Quiz: 20 pts possibl our grandfather put some m
ID: 2821662 • Letter: T
Question
This Question: 1 pt 6 of 20 This Quiz: 20 pts possibl our 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 $8,241 in it and pays an interest rate of 12%. 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 S (Round to the nearest dollar.) b. What if you left the money until your 65th birthday? you left the money in the account untl your 65th birthday, the future value would be s (Round to the nearest dollar.) e. How much money did your grandfather originally put into the account? The amount of money your grandfather originally put into the account was s (Round to the nearest dollar) Enter your answer in each of the answer boxes Save for Later 4:28 PM 9/23/2018 dx PrtScn Home End PgUp PgDn F8 Ins F9Explanation / Answer
a. amount in the 25 birthday = 8241 * 1.12^7 = 18,218
b. amount in the 65 birthday = 8241*1.12^47 = 1,695,224
c. original amont = 8241/1.12^18 = 1072