When both parties to a contract are mistaken as to the same material fact either paarty can rescind the contract?
1 answer:
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Answer:
The money you will have is $98020.
Explanation:
It is given that grandparents deposit $2,000 each year on birthday and the account pays 7% interest compounded annually also the time is 21 years.
we will use the compound interest formula .
For the first birthday the amount after 21 yr will be:
Similarly for the second birthday amount after 20yr will be:
likewise, the last compound will be:
The total value of such compounding would be :
The total amount just after your grandparents make their deposit is:
≈($96020+2000)
≈$98020
Hence, the money you will have is $98020.