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Hello! Can someone please walk me through this question? Thank you!

 

"On the day Rachel was born, her grandparents deposited $500 into a savings account that earns 4.8%/a compounded monthly. They deposited the same amount on her 5th, 10th, and 15th birthdays. Determine the balance in the account on Rachel’s 18th birthday."

 Apr 21, 2019
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N=5*12; R=0.048/12;PV=500; FV=PV*(1 + R)^N; print"FV =$",FV

 

1 - Balance after 5 years =$635.32 + $500 deposit.
2 - Balance after 10 years=$1,442.58 + $500 deposit.
3 - Balance after 15 years =$2,468.32 + $500 deposit.
4 - Balance after 18 years =$3,427.08 - on her 18th birthday.

 Apr 21, 2019
edited by Guest  Apr 21, 2019

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