Your grandparents deposit $2,000 each year on your birthday, starting the day you are born, in an account that pays 7% interest compounded annually. How much will you have in the account on your 21st birthday, just after your grandparents make their deposit

The money you will have is $98020.

Explanation:

It is given that grandparents deposit $2,000 each year on birthday and the account pays 7% interest compounded annually also the time is 21 years.

we will use the compound interest formula  .

For the first birthday the amount after 21 yr will be:

Similarly for the second birthday amount after 20yr will be:

likewise, the last compound will be:

The total value of such compounding would be :

The total amount just after your grandparents make their deposit  is:

≈($96020+2000)

≈$98020

Hence, the money you will have is $98020.

im confused need to go into details plz thx

the answer is true.  i do believe this is the answer because of the amount of wrecks people get into each year.  if you double this with avoiding those so said wrecks, that would make you a "skilled" driver.