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Your mother helped you start saving $10 a month beginning on your 5 th birthday, which is on May 1 st . She always made
Your mother helped you start saving $10 a month beginning on your 5thbirthday, which is on May 1st. She always made you make your deposit on the first day of each month just to "start the month out right". Today, you turn 21 and have $6,984 in your account. What is the rate of return on your savings?
A) 13.62% B) 13.68% C) 13.75% D) 13.81% E) 13.86%
The answer is C. But i dont know how to get the answer. Can you show me via financial calculator or excel. I will give thumbs up. Thanks
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