Amy’s grandparents have been depositing $120 into a savings account every month since she is born. The 1st payment was made the day Amy was born. The account pays 6% interest annually. Immediately after Amy’s grandparents make the monthly deposit on her 18th birthday, Amy went to the bank to check her bank balance.
What should be Amy’s bank balance?
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
Cell reference -
Hope this will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.
Amy’s grandparents have been depositing $120 into a savings account every month since she is born....
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