plans to pay the allowance to her daughter as described before but also wants the...
80.2K
Verified Solution
Link Copied!
Question
Accounting
plans to pay the allowance to her daughter as described before but also wants the trust fund to decrease to 0 when she becomes an adult at 18 years of age. If the interest rate is constant at 1% per year, find the amount x(0) that she should put in the trust fund when her daughter is born.
The allowance is to start at $0 at the birth of her granddaughter, and then increase by $ 10 each month afterwards. I need a check on my answer which is 16000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
