Billy invested his $3500 graduation gift into a (compound interest) Roth account that pays twelve percent. If he is 18 years old now, how much will be in the account at age 30?

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asked Mar 22, 2018 67.1k views

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Billy invested his $3500 graduation gift into a (compound interest) Roth account that pays twelve percent. If he is 18 years old now, how much will be in the account at age 30?

Mathematics
high-school

Coping asked

by Coping

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1 Answer

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t=30-18=12 years
A=p(1+r)^t
A=3,500×(1+0.12)^(12)
A=13,635.92

Vikram Singh Jadon answered Mar 26, 2018

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