established a trust fund for you in a bank. The account has been earning an annual interest of 11%. If this account will be worth 150,000 USD on your 20th birthday, how much did your grandfather deposit on the day you were born?
established a trust fund for you in a bank. The account has been earning an annual interest of 11%. If this account will be worth 150,000 USD on your 20th birthday, how much did your grandfather deposit on the day you were born?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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When you were born, your grandfather established a trust fund for you in a bank. The account has been earning an annual interest of 11%. If this account will be worth 150,000 USD on your 20th birthday, how much did your grandfather deposit on the day you were born?
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