At the time of her grandson's birth, a grandmother deposits $1000 in an account that pays 5 %5% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?

8, 540.00

Explanation:

To calculate the balance at 21 years, we apply the future value formula.

FV = PV × (1+r)n

Where FV is the future value

PV is 3000

r is 5% or 0.05 % per year or 0.00416 per month

n is 21 years or 252 months

FV= 3000 x ( 1 + 0.00416)252

FV = 3000 x 2.84665756

FV = 8, 539.97

FV = 8, 540.00

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi