How much will it grow to in 10 years

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Reference no: EM131307345

1. On her fifth birthday, Corenza received a gift from her grandparents. It was an opening of an investment account with an initial deposit of $5,000 that she can cash when she is 25. How much will she get if the compound interest rate is 14%?

2. Gen is interested in seeing how the money grows. Her mom suggests that she take the money in her piggy bank and deposit it in a local bank paying 8½% interest compounded quarterly. If she finds $700 in the piggy bank, how much will it grow to in 10 years?

Reference no: EM131307345

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