Business: Since your first birthday, your grandparents have been depositing $1,000 into a savings account on every one of your birthdays. the account pays 4% interest annually. immediately after your grandparents make the deposit on your 18th birthday, the amount of money in your savings account will be closest to:

Since your first birthday, your grandparents have

bjbass899

13.01.2022

$25,650

Explanation:

The formula for calculating the future value of an annuity is:

F = P x ([1 + I]^N - 1 ) / I

where:

P = payment amount = $1,000I = interest rate = 4%N = number of payments = 18

F = $1,000 x ([1 + 4%]^18 - 1 ) / 4% = $1,000 x (1.04^18 - 1 ) / 4% = $1,000 x (2.026 - 1 ) / 4% = $1,000 x 1.026 / 4% = $25,650

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giraffesaur44

04.05.2020

im down send the link

Explanation:

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