Question
A father opened a savings account for his daughter on the day she was born, depositing $1000. Each year on her birthday he deposits another
A father opened a savings account for his daughter on the day she was born, depositing $1000. Each year on her birthday he deposits another $1000, making that last deposit on her 19th birthday. If the account pays 4.25% interest compounded annually, how much is in the account at the end of the day on his daughter's 24th birthday? How much interest has been earned?
a. There is $_____ in the account at the end of the day on her 24th birthday.
(Type an integer or a decimal. Round to the nearest cent asneeded.)
b. There has been $_____ in interest earned.
(Type an integer or a decimal. Round to the nearest cent asneeded.)
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