At the time of her grandson’s birth, a grandmother deposits $5000 into an account that pays 8.5% compounded monthly. What will be the value of the account on the child’s twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
At the time of
her grandson’s birth, a grandmother deposits $5000 into an account that pays 8.5% compounded monthly. What will be the value of the account on the child’s twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
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