Jun J.

asked • 01/24/21

how much is in the account at the end of the day on his​ daughter's 23rd ​birthday? How much interest has been​ earned?

A father opened a savings account for his daughter on the day she was​ born, depositing ​$1200. Each year on her birthday he deposits another ​$1200​, making that last deposit on her 23rd birthday. If the account pays 5.25​% interest compounded​ annually, how much is in the account at the end of the day on his​ daughter's 23rd ​birthday? How much interest has been​ earned?

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