Question

When Georgia started Kindergarden, her parents set aside $10,000 in an account that yielded 5.6% interest compounded annually to pay for her college tuition. After 6 years of elementary school, 3 years of middle school and 4 years of high school, how much was in the account for Georgia’s college tuition?

Answer 1

17,280

Explanation:

first, you find 5.6 % of 10,000 which is 560. Then you have to figure out how many years the interest was coming in which is 13 years. you multiply the 560 by 13 years to get 7,280 and add that to 10,000. that's how you get your final answer of 17,280

Answer 2

The right answer is b