Page

TIME VALUE OF MONEY 33. Future Value of $1 John and Mary Rich invested $15,000 in a savings account paying 5.25% interest at the time their son, Mike, was born. The money is to be used by Mike for his college education. On his 18th birthday, Mike withdraws the money from his savings account. How much did Mike withdraw from his account? A. B. c. D $42,755.32 $30,345.27 $35,233.89 $37,678.11