Question
Aunt Mabel put $36,000.00 into the bank when you graduated from High School. She promises to give you one quarter of the balance at the
Aunt Mabel put $36,000.00 into the bank when you graduated from High School. She promises to give you one quarter of the balance at the end of your Freshman year, one third of the balance at the end of your Sophomore year, one half of the balance at the end of your Junior year, and the remaining balance at the end of your Senior year.
Let's assume you go to the college directly after graduation. The interest rate is 7.500% during your freshman year, 2.000% during your sophomore year, 1.500% during your junior year, and 2.000% during your senior year.
Aunt Mabel will give you $ _______________ after your freshman year,
$_________________ after your Sophomore year,
$__________________answer after your junior year,
and $__________________answer after you graduate.
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