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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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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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Answer:

Total value of the account in 2032 will be $26,368

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