Y our great aunt put some money in an account for you on the day you were born. This accountpays 8% interest per year. On your 21st birthday the account balance was $5033.83.YourQuestions:1) What is the amount of money that your great aunt originally put in the account?2) What is the amount of money that would be in the account if you left the money there untilyour 65th birthday?

Deposited of money at time of born is a present value and 5,033.83 is a future value of investment…

Y our great aunt put some money in an account for you on the day you were born. This account pays 8% interest per year. On your 21st birthday the account balance was $5033.83. Questions: 1) What is the amount of money that your great aunt originally put in the account? 2) What is the amount of money that would be in the account if you left the money there until your 65th birthday?

Y our great aunt put some money in an account for you on the day you were born. This account pays 8% interest per year. On your 21st birthday the account balance was $5033.83. Questions: 1) What is the amount of money that your great aunt originally put in the account? 2) What is the amount of money that would be in the account if you left the money there until your 65th birthday?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Your grandfather put some money in an account for you on the day you were born. You are now 18 years old and are allowed to withdraw the money for the first time. The account currently has $2,407 in it and pays an 5% interest rate. a. How much money would be in the account if you left the money there until your 20th birthday? b. What if you left the money until your 65th birthday? c. How much money did your grandfather originally put in the account? ... a. How much money would be in the account if you left the money there until your 20th birthday? If you left the money there until your 20th birthday, the amount in the account would be $ (Round to the nearest cent.)
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When you were born, your grandfather established a trust fund for you in a bank. The account has been earning an annual interest of 11%. If this account will be worth 150,000 USD on your 20th birthday, how much did your grandfather deposit on the day you were born?
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