Winning the Lottery or Going on a Game Show?
just been notified that one of your distant relatives left you $15,000.00
in his will. You
have decided to put it into a bank account (on April 1) that earns
12% interest yearly (APR) compounded monthly. Because you learned in your math class that it is possible
to make money if you save regularly, you decide to put $200.00 in
the bank from your paychecks on the first of each month .
the first day of the month in which you turn 18, you will get
an additional $1000.00 to add to your bank account if you don’t withdraw
any money from your account.
the first day of the month in which you turn 21, you will get
an additional $5000.00 to add to your bank account for a signing bonus
from the company you are going to work for since you have earned a
college degree. On your 25th birthday, put your $5000.00 bonus from
your great job in the bank as additional money.
the following questions and fill out the Balance Sheet with your monthly
totals – showing the date, your age (years & months), your monthly
interest, any deposits and your final balance.
it possible to become a millionaire? If so, how many years and months will it take and how old will
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