4. Yvonne's daughter Grace just turned 3-years old. As a birthday present, Yvonne's parents gave Yvonne $15,000 to be invested at an annual interest rate of 5.7%, compounded quarterly to help support Grace's college education a. What will the account be worth when Grace turns 18? Express your answer to the nearest cent (50.01). If necessary, round any intermediate decimal values in your calculations to at least 4-decimal places (5-decimal places is preferred). Write the finance formula you will use for this problem. Write it in generic form as you see it on the formula sheet, without any numbers. (1 point) 3 Use the formula to find what the account will be worth when Grace turns 18. (9 points) b. How much of the total value of the account will be from interest? (2 points) c. What percent of the total value of the account will be from interest? (2 points) Day of Year 002 093 276 247 065 310 042 013 Write formule 045 256 Day JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 1 001 032 060 091 121 152 182 213 244 2 033 274 305 335 061 092 122 153 183 214 3 245 003 275 034 306 336 062 123 154 184 215 4 246 004 035 307 063 094 337 124 195 185 216 $ 277 308 005 036 338 064 095 125 156 186 217 248 006 278 6 309 339 037 096 126 157 187 218 249 279 7 007 038 340 066 097 127 158 188 8 219 250 280 311 008 039 341 067 098 128 159 189 220 251 9 281 009 312 342 040 068 099 129 160 190 221 252 282 313 10 010 041 343 069 100 130 161 191 222 253 11 283 314 344 011 070 101 131 162 192 223 254 284 315 12 012 345 043 071 102 132 163 193 224 255 285 044 316 13 346 072 103 133 164 194 225 286 14 317 347 014 073 104 134 165 195 226 257 287 318 15 015 046 074 348 105 135 166 196 227 258 288 319 349 16 016 047 075 106 136 167 197 228 259 289 320 17 350 017 048 076 107 137 168 198 229 260 290 321 351 18 018 049 077 108 138 199 230 261 322 19 019 352 050 078 109 139 170 200 231 262 292 323 20 020 051 353 079 110 140 171 201 232 293 324 354 21 021 052 080 141 172 202 233 264 294 22 022 053 355 081 112 142 173 203 234 265 295 326 356 23 023 054 082 113 143 174 204 235 266 296 327 357 024 055 083 114 175 205 236 267 297 328 25 025 358 056 084 115 145 176 206 237 268 329 26 026 057 359 085 116 146 177 207 238 269 27 330 027 058 360 086 117 147 178 208 239 270 28 331 028 300 361 059 087 118 148 179 209 240 271 29 301 029 332 362 088 119 149 180 210 241 272 30 302 333 030 363 089 120 150 181 211 31 242 031 273 303 334 090 364 151 212 243 **For leap years inchide the boxed day and increase all days past it by one. 304 365 **For non-leap year, do not include the boxed day and read all days past it as given 169 291 263 325 298 299 060 14 Finance Formulas I = Prt FV = P(1 + rt) API +t) SPI+11 A PE ME FV = P(1+3) P + FV mt + mt + TE d A= Fv d 1 + -1 d FV P.) w w Po = m 1- m- P 1 13
