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victus00 [196]
3 years ago
9

Your grandmother has been putting $1,000 into a savings account on every birthday since your first (that is, when you turned one

). The account pays an interest rate of 4%. How much money will be in the account on your 18th birthday immediately after your grandmother makes the deposit on that birthday?
Business
1 answer:
lukranit [14]3 years ago
5 0

Answer:

The amount in the account on the  18th birthday = $ 25,645.41

Explanation:

<em>The investment can be described as an ordinary annuity. An ordinary annuity is a series of equal periodic cash flows that  occur for a certain number of years</em>

<em>The amount the invest will accrue principal plus interest is known as the f</em><u><em>uture value</em></u><em> of the annuity</em>

It is determined as follows:

<em>FV = A ×  ( (1+r)^n -1  ) / r</em>

FV - ?,  A = 1000.  r - 4%- 0.04, n - 18

FV = 1,000× ( ( (1.04)^(18) - 1 )/ 0.04

    = 1,000 ×  25.64541288

    = $ 25,645.41

The amount in the account on the  18th birthday = $ 25,645.41

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Answer:

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<span>A manufacturer with a product in the decline stage of the product life cycle would most likely decide to let current stocks of the product run out if there is reason to believe that there will be a small but continuing demand for the product.

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