Solved

Today Is Your 21st Birthday and Your Bank Account Balance

Question 42

Multiple Choice

Today is your 21st birthday and your bank account balance is $25,000.Your account is earning 6.5% interest compounded semiannually.How much will be in the account on your 50th birthday?


A) $159,795
B) $162,183
C) $163,823
D) $164,631

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q40: If the interest rate is positive,then the

Q43: The present value of $1,000 to be

Q44: It is your 5<sup>th</sup> birthday today.You have

Q53: If Cindy deposits $12,000 into a bank

Q87: How much money must you pay into

Q93: It is January 1st and Darwin Davis

Q110: You are going to pay $800 into

Q115: You estimate you'll need $200,000 per year

Q151: If the interest rate is positive,a six-year

Q159: A financial analyst tells you that investing