Question

when he was born, cooper's grandparents put 2,000 in a college fund. the fund earns 2.1% compounded annually. yesterday was coopers 18th birthday. how uch money is in the account now?

Answer 1

2907.32

Explanation:

`A = P(1+r)^t`

Where A is the amount of money earned, P is for the initial amount inserted in his bank account and r is the rate which is 2.1% but it is divided by 100 so its 0.021 and t is time which is in years. In the is case, r = 0.021, P = 2000 and t= 18.

Hope this helps.