Solution-How much will the account be worth on mary

How much will the account be worth on mary

Reference no: EM131458582

On Mary's 16^th birthday, her parents invest on her behalf an amount of $5,000 into an account that pays interest at 3.8% compounded semi-annually.

(a) How much will the account be worth on Mary's 21^st birthday?

(b) Would Mary be better off if the account paid interest at 3.6% compounded quarterly? Explain.

Reference no: EM131458582

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How much will the account be worth on mary

Reference no: EM131458582

Reference no: EM131458582

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