Homework Help: Math

Posted by Annie on Wednesday, January 18, 2012 at 4:04pm.

on the day Rachel was born, her grandparents deposited $ 500 into a savings account that earns 4.8%/a compounded monthly . They deposited the same amount on her 5th, 15th, and 10th birthdays. determine the balance in the account on Rachel's 18th birthday

Math - Reiny, Wednesday, January 18, 2012 at 5:19pm
amount = 500[ ( 1.004)^216+1.004^156 + 1.004^96 + 1.004^36 ]
= .....

Answer this Question

Related Questions

Business Algebra - Invest $23,000 in a savings account at 4.25% interest ...
Math - A person deposited $500 in a savings account that pays 5% annual interest...
math - 37. A person deposited $500 in a savings account that pays 5% annual ...
math - 37. A person deposited $500 in a savings account that pays 5% annual ...
math - a person deposited $500 in a savings account that pays 5% annual interest...
Finance - Your grandparents deposit $1,000 each year on your birthday, starting ...
ath - Jill deposited $2,500 in a savings account at a rate of 7.75%, compounded...
math - Choi deposited $2500 in a savings account that pays 4.75% interest ...
Math - Which sequence do I use to get the answer to this problem? Arithmetic or ...
math - Mr. Jones grosses $500 per week. He has 6% automatically deposited into ...

For Further Reading

First Name:
School Subject:
Answer: