Question
Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed
Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $7,075.68 in it and pays a 9% interest rate.
(a)How much money (in $) would be in the account if you left the money there until your twenty-fifth birthday? What if you left the money until your sixty-fifth birthday? (Round your answers to the nearest cent.)
twenty-fifth birthday $
sixty-fifth birthday $
(b)How much money (in $) did your grandfather originally put in the account? (Round your answer to the nearest cent.)
$
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