At the time of her grandson's birth, a grandmother deposits $ 1000 in an account that pays 7 % compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?

about $4,330.70

Explanation:

I may be wrong but the equation should be...

The first number is the original amount. Inside you add 1 plus the decimal version of the percentage which is 0.07. You divide that by 12 which is what compounded monthly means! Than you bring that to the power of 12(compounded monthly) times the years it's been. In this case, 21 years. Then substitute that equation into a calculator and you should find the correct answer.

i'm not sure i completely understand your question, but i will do my best.

i think the answer you are looking for is sequence. (see below)

a repeated melodic fragment would be best defined as repetition, while repeated chords (different or the same) could be a chord progression. however, you then mentioned the chord and melodic fragment beginning on higher or lower pitches, in that case, the answer could be best defined as a sequence. the definition of a sequence is as follows: "the restatement of a motif or longer melodic (or harmonic) passage at a higher or lower pitch in the same voice."

let me know if this !