A 13-year-old child received an inheritance of $6000 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 4.9% compounded annually, what did the child receive at age 21? (Round your final answer to two decimal places.) $
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Since the first payment was made on the child's 13th birthday and the last on the 21st birthday, there were 9 payments in total. Show more…
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