A father opened a savings account for his daughter on the day she was born, depositing $1000. Each year on her birthday he deposits another $1000, making the last deposit on her twenty-first birthday. If the account pays 9.5% interest compounded annually, how much is in the account at the end of the day on the daughter's twenty first birthday?(adsbygoogle = window.adsbygoogle || []).push({});

For this question, which formula do i use?

ordinary annuity: where payments are made at end of time period

or

annuities due: where payments are made at beginning of time period

???

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# Homework Help: Which annuity formula to use?

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