Rachel can earn 3% interest in her savings account. Her daughter Dani is 11 years old today. Suppose Rachel deposits $4000 today, and one year from today she deposits another $500. Each year she increases her deposit by $500 until she makes her last deposit on Dani's18th birthday. how much is on deposit after the 18th birthday?
Rachel can earn 3% interest in her savings account. Her daughter Dani is 11 years old today. Suppose Rachel deposits $4000 today, and one year from today she deposits another $500. Each year she increases her deposit by $500 until she makes her last deposit on Dani's18th birthday. how much is on deposit after the 18th birthday?
Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
5th Edition
ISBN:9781305084766
Author:Saeed Moaveni
Publisher:Saeed Moaveni
Chapter20: Engineering Economics
Section: Chapter Questions
Problem 47P
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![Question 2 (1 point)
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Rachel can earn 3% interest in her savings account.
Her daughter Dani is 11 years old today. Suppose
Rachel deposits $4000 today, and one year from today
she deposits another $500. Each year she increases
her deposit by $500 until she makes her last deposit
on Dani's18th birthday. how much is on deposit after the 18th birthday?
$20,635.62
$18,236.68
$23,623.00
$26,369.36
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Transcribed Image Text:Question 2 (1 point)
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Rachel can earn 3% interest in her savings account.
Her daughter Dani is 11 years old today. Suppose
Rachel deposits $4000 today, and one year from today
she deposits another $500. Each year she increases
her deposit by $500 until she makes her last deposit
on Dani's18th birthday. how much is on deposit after the 18th birthday?
$20,635.62
$18,236.68
$23,623.00
$26,369.36
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Next Page
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