Math Problem Statement
Your grandmother has been putting $800 into a savings account on every birthday since your first (that is, when you turned one). The account pays an interest rate of 9%. How much money will be in the account immediately after your grandmother makes the deposit on your 18th birthday? Question content area bottom Part 1 The amount in the account upon your 18th birthday is $enter your response here. (Round to the nearest cent.)
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Future Value of Annuities
Formulas
Future Value of Annuity: FV = P * [(1 + r)^n - 1] / r
Theorems
Compound Interest Formula
Suitable Grade Level
Grades 10-12
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