SOLUTION: your father deposited $2,700 into his savings account when he was 18, and your father is now 50. the intrest rate on his savings account is 6.2 percent. no money has been withdrawn
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Question 246775: your father deposited $2,700 into his savings account when he was 18, and your father is now 50. the intrest rate on his savings account is 6.2 percent. no money has been withdrawn from the account. what is the total amount in your fathers account at this time?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
P(1+r)^t
2,700(1+.062)^32
2,700(1.062)^32
2.700*6.8546=$18,507.52 amount of the investment after 32 years.
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