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Chapter 12: Q. 184 (page 1200)

In the following exercises, solve the problem.

New grandparents decide to invest $100 per month in an annuity for their grandchild. The account will pay 6% interest per year which is compounded monthly (12 times a year). How much will be in the child鈥檚 account at their twenty-first birthday?

Short Answer

Expert verified

The amount will be approximately$50287.41.

Step by step solution

01

Step 1. Write the given information.

The information given is:

Principal, P=100

Number of times in a year, n=12

Interest rate, r=0.06

At the time,t=21

02

Step 2. Use the formula for the amount, A compounded 12 times in a year. 

For principal, P invested at the end of compounding period, n times a year at interest rate, r gives amount A as:

A=P1+rnnt-1rn

03

Step 3. Calculate the amount A.

So,

A=1001+0.061212脳21-10.0612A=1001.005252-10.005A鈮�50287.41

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