Homework Section 53 Homework Score 0 of 1 pt 9 of 10 10 comp

Homework: Section 5.3 Homework Score: 0 of 1 pt 9 of 10 (10 complete) > | HW Score: 90%, 9 of 10 pts X) Bus Econ 5.3.43 I Question Help Gilberto opened a savings account for his daughter and At the end of the day on her 8th birthday,the amount in deposited S900 on the day she was born. Each year on | the account is s her birthday, he deposited another $900. If the account (Simplify your answer. Type an integer or a decimal. pays 10% interest, compound in the account at the end of the day on her 8th birthday?

Solution

The formula,

S= R*(((1+i)^n)-1)/i

So on her 8th birthday the amount would be =900*((((1+0.1)^8)-1)/0.1) = 900*11.44 = $10292.30