Your grandparents deposit $2,000 each year on your birthday, starting
Your grandparents deposit $2,000 each year on your birthday, starting the day you are born, in an
account that pays 7% interest compounded annually.
How much will you have in the account on
your 21st birthday, just after your grandparents make their deposit?
A) $79,640 B) $101,802 C) $98,016 D) $86,058
ANSWER
C
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