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Question

# A 13-year-old child received an inheritance of \$5000 per year. This was to be invested and allowed to accumulate until the child reached 21 years of age. The first payment was made on the child’s 13th birthday and the last on the 21st birthday. If the money was invested at 5.7% compounded annually, what did the child receive at age 21?

Solution

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In this exercise, you have to find how much money a thirteen year old child will have when they are $21$ if the same amount of money is deposited in the account each year on their birthday.

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