Started a savings plan, When you were born, your Grandma

Started a savings plan

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Reference no: EM132070652

When you were born, your Grandma started a savings plan for you. The plan has an interest rate of 7% compounded monthly and the terms of the savings plan stated that she was to make payments on your birthday each year – including the year that you were born. The contract states that you cannot withdraw the money until your 25th birthday. If Grandma makes the deposit on your 25th birthday and you are able to withdraw $55,320.65, how much did she deposit every year?

Reference no: EM132070652

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