Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

27. Grandmother Smith has just put $12,000 into an investment earning 6 percent a year for her granddaughter's college education. Approximately how much will be

27. Grandmother Smith has just put $12,000 into an investment earning 6 percent a year for her granddaughter's college education. Approximately how much will be in the account in ten years assuming all the interest is left in the account?

a.

$19,200

b.

$21,490

c.

$16,320

d.

$21,259

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions