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Nadusha1986 [10]
2 years ago
7

Your grandfather put some money in an account for you on the day you were born. You are now years old and are allowed to withdra

w the money for the first time. The account currently has in it and pays an interest rate.
Required:
a. How much money would be in the account if you left the money there until your twenty-fifth birthday?
b. What if you left the money until your sixty-fifth birthday?
c. How much money did your grandfather originally put in the account?
Business
1 answer:
sergij07 [2.7K]2 years ago
8 0

Answer:

Missing word <em>"You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $3996 in it and pays an 8% interest rate."</em>

a.  At 18 years, future value of current amount (compounded for another 7 years at 8%)

= $3,996 * (1.08)^7

= $3,996 * 1.7138

= $6,848.34

b. At age 65, future value of this amount (compounded for another 40 years at 8%)

= $6,848.44 * (1.08)^40

= $6,848.44 * 21.7245

= $148,779.93

c. Future Value = Present Value * (1 + Interest Rate)^n

So, let initial the money deposited be represented by Y

=> $3,996 = Y * (1.08)^18

=> $3,996 = Y * 3.996

Y = $3,996 / 3.996

Y = $1,000

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