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Your grandparents give you $1000 for your tenth birthday to invest for your college education. You research some investment companies around town and find one that pays you 4.2% and compounds quarterly.
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Your grandparents give you $1000 for your tenth birthday to invest for your college education. You research some investment companies around town and find one that pays you 4.2% and compounds quarterly. If you leave the money in your account until your 18th birthday, how much money will you have? Show all your work.

User Meesha
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1 Answer

6 votes

Answer:

33,600

Explanation:

1000 × 4.2 = 4200 x 8 = 33,600

User Max Masnick
by
7.8k points
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