# Finance

Your grandparents deposit \$1,000 each year on your birthday, starting the day you are born, in an account that pays 6% interest compounded annually. How much will you have in the account on your 30th birthday, just after your grandparents make their deposit.

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3. 👁 1,062
1. since its just after they deposit 1,000 then you multiply 29,000 x .06 = 1740. then add that to 30000 because they just deposited the 1,000. then you get \$31,740

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2. Suppose \$500 is invested monthly at 4% compounded monthly, for
10 years, then \$600 is invested monthly at 6% compounded monthly, for
10 years.

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3. Find the future value of the ordinary annuity with payout of \$20,000
at 4.5% interest compounded annually for 12 years.

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2. 👎 0
4. Suppose \$500 is invested monthly at 4% compounded monthly, for
10 years, then \$600 is invested monthly at 6% compounded monthly, for
10 years.

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2. 👎 0

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