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In 2014 Rose invested $16,000 in a savings account for her newborn son. The account pays 3.6% interest each year. Determine the total value of the account in the year 2032, when her son will go to college.
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21 votes
21 votes
In 2014 Rose invested $16,000 in a savings account for her newborn son. The account pays 3.6% interest each year. Determine the total value of the account in the year 2032, when her son will go to college.

User Michael Wang
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2 Answers

12 votes
12 votes
16,000 x (1 + .036)^18 = 30240.96
User Aelam
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15 votes
15 votes

Answer:

$30240.96

Explanation:

see pic

In 2014 Rose invested $16,000 in a savings account for her newborn son. The account-example-1
User Tobse
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