[Incorrect answer.] Your answer is incorrect. Try again. Terry and Jessica Bened

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Terry and Jessica Benedict invested $6,000 in a savings account paying 8% annual interest when their daughter, Kristi, was born. They also deposited $1,100 on each of her birthdays until she was 17 (including her 17th birthday).

Click here to view the factor table.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How much was in the savings account on her 17th birthday (after the last deposit)? (Round answer to 2 decimal places, e.g. 25.25.)

Amount on 17th birthday
$__________

Explanation / Answer

Particulars Amount Compounding factor Value Initial deposit 6000 3.70 22200 Annual Deposit 1100 36.45 40095 Amount on 17th birthday 62295

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