Rachaelrsquos grandfather set up a savings account for her, Ask an Expert

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Rachael’s Grandfather set up a savings account for her with a gift of $25,000 when she was born. The account accumulated interest annually at the rate of 6% per year and no other deposits were made to the account. Rachael is 21 years old today. To date, how much has accumulated in Rachael’s account?

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Financial Management, Finance

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