Your grandmother has been putting $1,000 into a savings account on every birthday since your first (that is, when you turned one). The account pays an interest rate of 4%. How much money will be in the account on your 18th birthday immediately after your grandmother makes the deposit on that birthday?

The amount in the account on the  18th birthday = $ 25,645.41

Explanation:

The investment can be described as an ordinary annuity. An ordinary annuity is a series of equal periodic cash flows that  occur for a certain number of years

The amount the invest will accrue principal plus interest is known as the future value of the annuity

It is determined as follows:

FV = A ×  ( (1+r)^n -1  ) / r

FV - ?,  A = 1000.  r - 4%- 0.04, n - 18

FV = 1,000× ( ( (1.04)^(18) - 1 )/ 0.04

    = 1,000 ×  25.64541288

    = $ 25,645.41

The amount in the account on the  18th birthday = $ 25,645.41

explanation:

a gas is not used in hydraulic machines as the fluid because gas is easily compressible and so if a gas is used, the energy would mostly go into compressing a gas. therefore a liquid is used in hydraulic machines as the fluid.

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