Since your birth, your grandparents have been depositing $140 into a savings account every month. The...
Since your birth, your grandparents have been depositing $140 into a savings account every month. The account pays 12% 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:
a. $63,660
b. $127,320
c. $106,100
d. $148,540
Homework Answers
FV of Annuity = Periodic Deposit * [{(1 + r)n - 1} / r]
= $140 * [{(1 + 0.12/12)(18*12) - 1} / (0.12/12)]
= $140 * [7.5786 / 0.01]
= $140 * 757.86 = $106,100.49
So, Option "C" is correct.
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