Question

Manert’s grandfather put $4100 in the bank for him when he was born. The account has been earning 6.5% interest compounded annually. Manert is now 25 years old and wants to take out the money so he can go to college. How much money does he have now?​

Answer 1

Answer:

Ans: $19,793

Step-by-step explanation:

Compound interest:

A = P(1+6/100)²⁵

= 4100(1+0.065)²⁵

=19,793