Your grandmother has invested $9000 in a mutual fund each year on your birthday (she made her first payment when you turned 1 year old). the mutual fund has grown at an annual interest rate of 6.8%. how much is your account worth on the day of your 21st birthday immediately after your grandmother’s deposit?

394,549

Explanation:

this problem can be solved applying the concept of annuity, keep in mind that an annuity is a formula which allows you to calculate the future value of future payments affected by an interest rate.by definition the future value of an annuity is given by:

where is the future value of the annuity, is the interest rate for every period payment, n is the number of payments, and P is the regular amount paid. so applying to this particular problem, we have:

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