5 points
Read this question "When Jeny was born, her grandparents invested
$1000 in a fixed rate savings account at a rate of 7% compounded
annually. The money will go to Jeny when she turns 18 to help with her
college expenses. What amount of money will Jeny receive from the
investment? what is the value of Pin this problem?
Compound laterest
2-21
For compound interest
. annually means once per year in = 1)
quarterly means "times per year" (n)
• monthly means "12 times per year in - 12).
O 1000
0.07
O 18