When you were born, your grandfather established a trust fund for you in the Cayman Islands. The account has been earning interest at the rate of 8% per year. If this account will be worth $120,000 on your 27th birthday, how much did your grandfather deposit on the day you were born? Choose the correct answer below. A. $9,600 B. $10,299 C. $15,188 D. $15,024 E. $
When you were born, your grandfather established a trust fund for you in the Cayman Islands. The account has been earning interest at the rate of 8% per year. If this account will be worth $120,000 on your 27th birthday, how much did your grandfather deposit on the day you were born? Choose the correct answer below. A. $9,600 B. $10,299 C. $15,188 D. $15,024 E. $
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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When you were born, your grandfather established a trust fund for you in the Cayman Islands. The account has been earning interest at the rate of
8%
per year. If this account will be worth
$120,000
on your
27th
birthday, how much did your grandfather deposit on the day you were born?Choose the correct answer below.
$9,600
$10,299
$15,188
$15,024
$
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