Your wealthy uncle established a $1,000 bank account for you when you were born.
ID: 2652482 • Letter: Y
Question
Your wealthy uncle established a $1,000 bank account for you when you were born. For the first 8 years of your life, the interest rate earned on the account was 6.7%. Since then, rates have been only 4.7%. Now you are 22 years old and ready to cash in. How much is in your account?
Your wealthy uncle established a $1,000 bank account for you when you were born. For the first 8 years of your life, the interest rate earned on the account was 6.7%. Since then, rates have been only 4.7%. Now you are 22 years old and ready to cash in. How much is in your account?
Explanation / Answer
Deposits Today 1,000.00 Time in years 22.00 Rate ,r yearly for first 8 years 6.70% Rate ,r yearly for next 14 years 4.7000% Time Opening Balance Interest Closing Balance 1.000 1,000.00 67.00 1,067.00 2.000 1,067.00 71.49 1,138.49 3.000 1,138.49 76.28 1,214.77 4.000 1,214.77 81.39 1,296.16 5.000 1,296.16 86.84 1,383.00 6.000 1,383.00 92.66 1,475.66 7.000 1,475.66 98.87 1,574.53 8.000 1,574.53 105.49 1,680.02 9.000 1,680.02 78.96 1,758.98 10.000 1,758.98 82.67 1,841.66 11.000 1,841.66 86.56 1,928.21 12.000 1,928.21 90.63 2,018.84 13.000 2,018.84 94.89 2,113.73 14.000 2,113.73 99.35 2,213.07 15.000 2,213.07 104.01 2,317.09 16.000 2,317.09 108.90 2,425.99 17.000 2,425.99 114.02 2,540.01 18.000 2,540.01 119.38 2,659.39 19.000 2,659.39 124.99 2,784.38 20.000 2,784.38 130.87 2,915.25 21.000 2,915.25 137.02 3,052.26 22.000 3,052.26 143.46 3,195.72 3,195.720
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