Your parents open a bank account for you when you were born.  They deposit $16,000.00 into the account.The account generates 9.9% per annum for 7 years, then 6.2% per annum for 6 years, then 11.7% per annum for 5 years.How much money is there  in the account when you reach the age of 18?Round your final answer to 2 decimal places. E.g. if the final answer is $12345.8342, please type 12345.83 in the answer box (do not type the dollar sign).

To solve this problem, we need to use the formula for compound interest, which is A = P(1 + r/n)^(nt), where:

• A is the amount of money accumulated after n years, including interest.
• P is the principal amount (the initial amount of money).
• r is the annual interest rate (in decimal).
• n is the number of times that interest is compounded per year.
• t is the time the money is invested for in years.

In this case, interest is compounded once per year (n=1), and the principal amount is $16,000. The interest rate and time change three times.

Here are the steps to solve the problem:

1. Calculate the amount after 7 years with an interest rate of 9.9% per annum: A = $16,000 * (1 + 0.099/1)^(1*7) =$30,992.89

2. The amount after 7 years becomes the principal for the next 6 years. Calculate the amount after the next 6 years with an interest rate of 6.2% per annum: A = $30,992.89 * (1 + 0.062/1)^(1*6) =$41,643.59

3. The amount after 13 years (7+6) becomes the principal for the next 5 years. Calculate the amount after the next 5 years with an interest rate of 11.7% per annum: A = $41,643.59 * (1 + 0.117/1)^(1*5) =$73,487.03

So, when you reach the age of 18, there will be approximately $73,487.03 in the account.