Question

When Jason Levy was born, his grandparents deposited $4,000 into a special account for Jason's college education. The account earned 6.5% interest compounded daily.

(a) How much will be in the account when Jason is 18?

(b) If, on turning 18, Jason arranges for the monthly interest to be sent to him, how much will he receive each thirty-day month?

(c) How much would be in the account when Jason turns 18 if his grandparents started Jason's savings account on his tenth birthday?

Thanks in advance!

Answer #1

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