When you were born,your parents opened an investment account in your name and deposited $500 into the account.The account has earned an average annual rate of return of 4.8 percent.Today,the account is valued at $36,911.22.How old are you?
A)74.47 years
B)76.67 years
C)81.08 years
D)87.33 years
E)91.75 years

Question

Quizplus · Accepted Answer

$36,911.22 = $500 × (1 + 0.048)^t; t = 91.75 years

When You Were Born,your Parents Opened an Investment Account in Your