Savings account annual interest

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Reference no: EM131212829

Frank and Maureen Fantazzi invested $5,000 in a savings account paying 5% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 18 (including her 18th birthday).

How much was in the savings account on her 18th birthday (after the last deposit)? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 25.25.) Please show your work.

Reference no: EM131212829

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