Gen is interested in seeing how the money grows her mom

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1. Calculate the future value of a savings account of $10,000 for 6 years at 9 1/4% compound interest.

2. When Brook was born his parents put down a deposit for him in an investment account earning 12 3/4%. wehn he graduated from college at age 22, he cashed in that account, receiving $35,036. How much was the initial deposit?

3. Gen is interested in seeing how the money grows. Her mom suggests that she take the money in her piggy bank and deposit it in a local bank paying 8 1/2% interest compounded quarterly. If she finds $700in the piggy bank, how much will it grow to in 10 years?

Reference no: EM13616098

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