Your parents gave you $1,500 for your sweet 16th birthday. You want to deposit i
ID: 2703836 • Letter: Y
Question
Your parents gave you $1,500 for your sweet 16th birthday. You want to deposit it in a CD account that is earning 2% annually. Calculate how much your gift will be worth when you graduate from college on your 22nd birthday using the following methods:
a. Long-hand formula (Do not round intermediate calculations. Round final answer to 2 decimal places.) Your parents gave you $1,500 for your sweet 16th birthday. You want to deposit it in a CD account that is earning 2% annually. Calculate how much your gift will be worth when you graduate from college on your 22nd birthday using the following methods: Long-hand formula (Do not round intermediate calculations. Round final answer to 2 decimal places.) Reference table. Use Table A-1. (Round final answer to 2 decimal places.) Financial calculator (Round your answer to 2 decimal places.)Explanation / Answer
The explanation is 1.02 ^ 6 * 1500 using hand calculations, chart and financial calculator
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