Question

When you were born, your dear old Aunt Minnie promised to deposit
$807 into a savings account bearing a 14% compounded annual rate
(EAR) on each birthday, beginning with your first. You have just
turned 21 and want the dough. However, it turns out that dear old
(forgetful) Aunt Minnie made no deposits on your 2th and 10th
birthdays. How much is in the account right now?

Answer #1

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when you were born your dear old Aunt Minnie promised to deposit
OMR 500 into a savings account bearing a 5% compounded annual rate
on each birthday. beginning with your first . you have just turned
21 and want the dough. however it turns out that dear old
(forgetful) aunt minnie made no deposits on your fifth and eleventh
birthdays. how much is in the account right now ?
a- omr 16,768.19
b-21,000.00
c-10,500.00
d-17,859.63
e-15,953.74

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